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      name:  <unnamed>
       log:  
  log type:  text
 opened on:  <>

. /*      Do Managers Do Good with Other Peoples' Money?
>         Cheng, Hong, and Shue, RCFS
>         Dividend tax cut analysis                               
>         
>         For ease, this code is designed to run with all data files (input), logs (output), and tables (output) in the same directory
>         
>         Figure 4 displays estimates reported in Table 2 and is thus not included */;
.         local file "input/dividendtaxcut";

. local file_fig1 "input/kld_annual_scores";

. local carfile "input/car_nq10_divtaxcut";

. local rawretfile "input/rawret_nq10_divtaxcut";

. local cartsfile "input/car_daily_nq5_ts_divtaxcut";

. local uioxfam "input/uioxfam";

. local esttabopt "se(3) b(3) star(* 0.1 ** 0.05 *** 0.01) brackets staraux mlabels(,titles)";

. * table 1 -- summary stats;
.         use `file', clear;

.         * panel A;
.         * variables: KLD, insider ownership, assets, cash / assets, leverage, dedicated institutional ownership calculated as 2001-2002 average for firms in 2002;
.         tabstat kld_diff_nogov_rankingp2003 eg_slope_dd0_rankingp2003 at_rankingp2003 cash_rankingp2003 lev_rankingp2003 tfn_io_cls_DED_rankingp2003 if year == 2002 & mainperiod == 1, c(s) s(me sd m
> in max p50 n) by(eg_slope_dd0_rankingp2003_xt) format(%9.2f);

Summary for variables: kld_diff_nogov_rankingp2003 eg_slope_dd0_rankingp2003 at_rankingp2003 cash_rankingp2003 lev_rankingp2003 tfn_io_cls_DED_rankingp2003
Group variable: eg_slope_dd0_rankingp2003_xt (INSIDER OWNERSHIP, 2001-2002, QUINTILES)

eg_slope_dd0_rankingp2003_xt |      Mean        SD       Min       Max       p50         N
-----------------------------+------------------------------------------------------------
                           1 |      0.35      2.67     -6.50      7.00      0.00    101.00
                             |      0.00      0.00      0.00      0.00      0.00    101.00
                             |  54881.06 124303.08    568.10 843653.00  20447.00    101.00
                             |      0.13      0.16      0.00      0.73      0.08    101.00
                             |      0.57      0.20      0.11      0.98      0.57    100.00
                             |      0.10      0.06      0.01      0.28      0.09    101.00
-----------------------------+------------------------------------------------------------
                           2 |      0.81      2.44     -6.00      6.50      1.00    100.00
                             |      0.00      0.00      0.00      0.00      0.00    100.00
                             |  42787.78 109570.43    603.35 726187.50  13494.28    100.00
                             |      0.07      0.08      0.00      0.42      0.05    100.00
                             |      0.66      0.17      0.24      0.99      0.66    100.00
                             |      0.12      0.07      0.00      0.35      0.11    100.00
-----------------------------+------------------------------------------------------------
                           3 |      0.53      2.32     -6.00      5.50      1.00    101.00
                             |      0.00      0.00      0.00      0.00      0.00    101.00
                             |  22956.16  55298.03    893.05 433673.50   6799.00    101.00
                             |      0.10      0.14      0.00      0.66      0.04    101.00
                             |      0.61      0.20      0.17      0.95      0.62    100.00
                             |      0.12      0.07      0.02      0.29      0.12    100.00
-----------------------------+------------------------------------------------------------
                           4 |      0.40      2.08     -7.00      5.50      0.00    100.00
                             |      0.01      0.00      0.00      0.02      0.01    100.00
                             |  32432.95 119031.68    368.76  1.07e+06   7040.27    100.00
                             |      0.14      0.18      0.00      0.77      0.07    100.00
                             |      0.61      0.23      0.04      0.97      0.62    100.00
                             |      0.11      0.06      0.01      0.25      0.10     98.00
-----------------------------+------------------------------------------------------------
                           5 |      0.42      1.81     -5.50      4.00      0.50    100.00
                             |      0.07      0.06      0.02      0.30      0.04    100.00
                             |  25922.36  70209.93    316.28 527105.50   4298.13    100.00
                             |      0.16      0.17      0.00      0.66      0.09    100.00
                             |      0.53      0.24      0.13      0.97      0.50     99.00
                             |      0.11      0.06      0.00      0.28      0.10     96.00
-----------------------------+------------------------------------------------------------
                       Total |      0.50      2.28     -7.00      7.00      0.50    502.00
                             |      0.02      0.04      0.00      0.30      0.00    502.00
                             |  35808.50  99893.98    316.28  1.07e+06   9898.00    502.00
                             |      0.12      0.15      0.00      0.77      0.06    502.00
                             |      0.60      0.21      0.04      0.99      0.60    499.00
                             |      0.11      0.06      0.00      0.35      0.10    495.00
------------------------------------------------------------------------------------------

.                 * panel B;
.         * variables: dividend initiation or decrease, kld scores, environment, community, dividend, product scores;
.         tabstat div_initincr_ind kld_diff_nogov env_diff com_diff div_diff pro_diff emp_diff if mainsamp == 1, c(s) s(me sd min max p50 n) by(post) format(%9.2f);

Summary for variables: div_initincr_ind kld_diff_nogov env_diff com_diff div_diff pro_diff emp_diff
Group variable: post (YEAR >= 2003)

    post |      Mean        SD       Min       Max       p50         N
---------+------------------------------------------------------------
       0 |      0.12      0.32      0.00      1.00      0.00   1822.00
         |      0.66      2.32     -7.00      9.00      1.00   1825.00
         |     -0.24      0.85     -5.00      2.00      0.00   1825.00
         |      0.09      0.67     -2.00      3.00      0.00   1825.00
         |      0.76      1.07     -1.00      6.00      0.00   1825.00
         |     -0.34      0.90     -4.00      3.00      0.00   1825.00
         |      0.39      0.95     -3.00      4.00      0.00   1825.00
---------+------------------------------------------------------------
       1 |      0.21      0.41      0.00      1.00      0.00   1838.00
         |      0.33      2.44     -7.00     10.00      0.00   1838.00
         |     -0.23      0.90     -4.00      3.00      0.00   1838.00
         |      0.04      0.68     -2.00      3.00      0.00   1838.00
         |      0.90      1.19     -2.00      6.00      1.00   1838.00
         |     -0.53      0.97     -4.00      2.00      0.00   1838.00
         |      0.16      0.95     -3.00      4.00      0.00   1838.00
---------+------------------------------------------------------------
   Total |      0.16      0.37      0.00      1.00      0.00   3660.00
         |      0.50      2.38     -7.00     10.00      0.00   3663.00
         |     -0.24      0.87     -5.00      3.00      0.00   3663.00
         |      0.07      0.67     -2.00      3.00      0.00   3663.00
         |      0.83      1.14     -2.00      6.00      1.00   3663.00
         |     -0.44      0.94     -4.00      3.00      0.00   3663.00
         |      0.27      0.96     -3.00      4.00      0.00   3663.00
----------------------------------------------------------------------

.         * panel D kld-refinitiv;
.                 pwcorr kld_diff_nogov ln_so_so_co_dp027 so_so_co_dp036 if mainsamp;

             | kld_di~v ln_s~027 so_s~036
-------------+---------------------------
kld_diff_n~v |   1.0000 
ln_so_so~027 |   0.0382   1.0000 
so_so_co~036 |   0.0647   0.1042   1.0000 

.                         * generate residuals against year/firm FEs;
.         local vars "kld_diff_nogov ln_so_so_co_dp027 so_so_co_dp036";

.         foreach var of local vars {;
  2.                 quietly reg `var' i.year i.firmid if mainsamp;
  3.                 predict `var'_resid if mainsamp, resid;
  4.         };
(112,014 missing values generated)
(115,389 missing values generated)
(114,144 missing values generated)

.                 eststo table1D_a: reg kld_diff_nogov ln_so_so_co_dp027 if mainsamp, vce(cluster firmid);

Linear regression                               Number of obs     =        288
                                                F(1, 116)         =       0.17
                                                Prob > F          =     0.6852
                                                R-squared         =     0.0015
                                                Root MSE          =     3.0356

                                    (Std. err. adjusted for 117 clusters in firmid)
-----------------------------------------------------------------------------------
                  |               Robust
   kld_diff_nogov | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------+----------------------------------------------------------------
ln_so_so_co_dp027 |   .0589205   .1449806     0.41   0.685    -.2282318    .3460728
            _cons |  -.0859853   2.368116    -0.04   0.971    -4.776337    4.604367
-----------------------------------------------------------------------------------

.         eststo table1D_a_fe: reg kld_diff_nogov_resid ln_so_so_co_dp027_resid if mainsamp, vce(cluster firmid);

Linear regression                               Number of obs     =        288
                                                F(1, 116)         =       3.20
                                                Prob > F          =     0.0763
                                                R-squared         =     0.0035
                                                Root MSE          =     1.2923

                                          (Std. err. adjusted for 117 clusters in firmid)
-----------------------------------------------------------------------------------------
                        |               Robust
   kld_diff_nogov_resid | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------------+----------------------------------------------------------------
ln_so_so_co_dp027_resid |   .0832563   .0465507     1.79   0.076    -.0089432    .1754559
                  _cons |   .0709503   .0816427     0.87   0.387    -.0907534    .2326541
-----------------------------------------------------------------------------------------

.                 eststo table1D_b: reg kld_diff_nogov so_so_co_dp036   if mainsamp, vce(cluster firmid);

Linear regression                               Number of obs     =      1,533
                                                F(1, 343)         =       2.35
                                                Prob > F          =     0.1259
                                                R-squared         =     0.0042
                                                Root MSE          =       2.49

                                 (Std. err. adjusted for 344 clusters in firmid)
--------------------------------------------------------------------------------
               |               Robust
kld_diff_nogov | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------+----------------------------------------------------------------
so_so_co_dp036 |   .3271051   .2132137     1.53   0.126    -.0922659     .746476
         _cons |   .2863535   .1331152     2.15   0.032     .0245285    .5481784
--------------------------------------------------------------------------------

.         eststo table1D_b_fe: reg kld_diff_nogov_resid so_so_co_dp036_resid if mainsamp, vce(cluster firmid);

Linear regression                               Number of obs     =      1,533
                                                F(1, 343)         =       2.71
                                                Prob > F          =     0.1009
                                                R-squared         =     0.0024
                                                Root MSE          =     1.1036

                                       (Std. err. adjusted for 344 clusters in firmid)
--------------------------------------------------------------------------------------
                     |               Robust
kld_diff_nogov_resid | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
so_so_co_dp036_resid |    .195045   .1185895     1.64   0.101    -.0382092    .4282991
               _cons |  -.0131133   .0277784    -0.47   0.637    -.0677508    .0415242
--------------------------------------------------------------------------------------

.         esttab * using output/table1.csv, replace r2 scalars(N_clust) nobase noomit sfmt(a3) `esttabopt';
(file output/table1.csv not found)
(output written to output/table1.csv)

. * table 2;
.         eststo clear;

.         use `file', clear;

.         * for panel B, group 5/6 together;
.         replace eg_slope_dd0_rankingp2003_xt1 = 5 if eg_slope_dd0_rankingp2003_xt1 == 6;
(2,363 real changes made)

.         eststo table2A: xtreg kld_diff_nogov ib2002.year##(ib3.eg_slope_dd0_rankingp2003_xt ib3.at_rankingp2003_xt) if mainperiod, fe vce(cluster firmid);
note: 1.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 2.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 4.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 5.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 1.at_rankingp2003_xt omitted because of collinearity.
note: 2.at_rankingp2003_xt omitted because of collinearity.
note: 4.at_rankingp2003_xt omitted because of collinearity.
note: 5.at_rankingp2003_xt omitted because of collinearity.

Fixed-effects (within) regression               Number of obs     =      3,663
Group variable: firmid                          Number of groups  =        502

R-squared:                                      Obs per group:
     Within  = 0.0666                                         min =          2
     Between = 0.0002                                         avg =        7.3
     Overall = 0.0127                                         max =          8

                                                F(63,501)         =       2.10
corr(u_i, Xb) = -0.0225                         Prob > F          =     0.0000

                                                    (Std. err. adjusted for 502 clusters in firmid)
---------------------------------------------------------------------------------------------------
                                  |               Robust
                   kld_diff_nogov | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------------------+----------------------------------------------------------------
                             year |
                            1999  |   .1315585   .1902871     0.69   0.490    -.2423006    .5054176
                            2000  |   .2615525   .1553109     1.68   0.093    -.0435884    .5666935
                            2001  |  -.0501206   .1237936    -0.40   0.686    -.2933391     .193098
                            2003  |  -.3405017   .1719351    -1.98   0.048    -.6783044   -.0026991
                            2004  |    -.75546   .2147068    -3.52   0.000    -1.177297   -.3336233
                            2005  |   -.930604   .2528848    -3.68   0.000    -1.427449   -.4337587
                            2006  |  -1.118905   .2762718    -4.05   0.000    -1.661699   -.5761111
                                  |
     eg_slope_dd0_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
               at_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
year#eg_slope_dd0_rankingp2003_xt |
                          1999 1  |   .0233019   .2573282     0.09   0.928    -.4822735    .5288773
                          1999 2  |   .1370383    .235631     0.58   0.561    -.3259083     .599985
                          1999 4  |   .1052269   .2382863     0.44   0.659    -.3629366    .5733904
                          1999 5  |   .4320791   .2173147     1.99   0.047     .0051187    .8590396
                          2000 1  |  -.1105868   .2071215    -0.53   0.594    -.5175206     .296347
                          2000 2  |  -.0172999   .1708287    -0.10   0.919    -.3529289    .3183291
                          2000 4  |  -.0418339    .182822    -0.23   0.819    -.4010261    .3173584
                          2000 5  |   .1751448   .1649665     1.06   0.289    -.1489666    .4992563
                          2001 1  |   .0003771   .1627835     0.00   0.998    -.3194454    .3201996
                          2001 2  |  -.0712209   .1330814    -0.54   0.593    -.3326872    .1902454
                          2001 4  |    .059026   .1325348     0.45   0.656    -.2013664    .3194184
                          2001 5  |   .1191741   .1171905     1.02   0.310    -.1110712    .3494194
                          2003 1  |   .1816821   .1808222     1.00   0.315    -.1735811    .5369453
                          2003 2  |   .2454444   .1642256     1.49   0.136    -.0772113    .5681001
                          2003 4  |   .1842993   .1529606     1.20   0.229    -.1162239    .4848226
                          2003 5  |   .2262902    .157374     1.44   0.151    -.0829041    .5354845
                          2004 1  |   .4338068    .231852     1.87   0.062    -.0217152    .8893289
                          2004 2  |   .3731609   .2155045     1.73   0.084     -.050243    .7965648
                          2004 4  |   .5544332   .2044959     2.71   0.007     .1526579    .9562085
                          2004 5  |   .5634268   .2062419     2.73   0.007     .1582212    .9686325
                          2005 1  |   .6320069   .2801548     2.26   0.025     .0815839     1.18243
                          2005 2  |   .4115222   .2720033     1.51   0.131    -.1228856      .94593
                          2005 4  |   .7910508   .2534751     3.12   0.002     .2930457    1.289056
                          2005 5  |   .7340067   .2450812     2.99   0.003     .2524932     1.21552
                          2006 1  |   .5305253    .315926     1.68   0.094    -.0901777    1.151228
                          2006 2  |   .5666019   .3094835     1.83   0.068    -.0414434    1.174647
                          2006 4  |   .8718038   .2855657     3.05   0.002     .3107499    1.432858
                          2006 5  |   .7721726   .2763063     2.79   0.005     .2293108    1.315034
                                  |
          year#at_rankingp2003_xt |
                          1999 1  |   -.336896   .1754315    -1.92   0.055    -.6815681    .0077762
                          1999 2  |   .0478448    .200227     0.24   0.811    -.3455432    .4412329
                          1999 4  |   .0892207   .2273136     0.39   0.695    -.3573847    .5358261
                          1999 5  |   .4537976   .2402149     1.89   0.059     -.018155    .9257502
                          2000 1  |  -.2018787   .1626955    -1.24   0.215    -.5215282    .1177707
                          2000 2  |  -.0675878   .1669828    -0.40   0.686    -.3956607     .260485
                          2000 4  |   .2218854   .1966619     1.13   0.260    -.1644982    .6082691
                          2000 5  |   .1911155   .2334931     0.82   0.413    -.2676309    .6498619
                          2001 1  |  -.0001495   .1227339    -0.00   0.999    -.2412861     .240987
                          2001 2  |   .0448712   .1191673     0.38   0.707     -.189258    .2790004
                          2001 4  |   .1390078   .1514323     0.92   0.359    -.1585127    .4365284
                          2001 5  |   -.032188   .1617079    -0.20   0.842    -.3498971     .285521
                          2003 1  |   .0632091   .1513705     0.42   0.676    -.2341901    .3606084
                          2003 2  |   .2051636   .1577014     1.30   0.194    -.1046739    .5150011
                          2003 4  |   .1120591   .1720849     0.65   0.515     -.226038    .4501561
                          2003 5  |   .0588552   .1707807     0.34   0.731    -.2766795    .3943898
                          2004 1  |   .2305986   .1802203     1.28   0.201    -.1234821    .5846792
                          2004 2  |    .344202   .2007795     1.71   0.087    -.0502717    .7386756
                          2004 4  |   .3902047   .2286951     1.71   0.089    -.0591149    .8395242
                          2004 5  |   .5212469   .2255998     2.31   0.021     .0780086    .9644852
                          2005 1  |   .2607279   .2425345     1.08   0.283    -.2157822    .7372379
                          2005 2  |   .5111879   .2576012     1.98   0.048     .0050761      1.0173
                          2005 4  |  -.0058045   .2674015    -0.02   0.983    -.5311711     .519562
                          2005 5  |   .1623398   .2671004     0.61   0.544    -.3624351    .6871148
                          2006 1  |   .3412565   .2783892     1.23   0.221    -.2056977    .8882106
                          2006 2  |   .5108114   .3014086     1.69   0.091    -.0813692    1.102992
                          2006 4  |   .0838037    .307541     0.27   0.785    -.5204254    .6880327
                          2006 5  |   .0466388   .3021668     0.15   0.877    -.5470313     .640309
                                  |
                            _cons |   .5177983   .0397026    13.04   0.000     .4397943    .5958024
----------------------------------+----------------------------------------------------------------
                          sigma_u |  2.1053416
                          sigma_e |  1.1394572
                              rho |  .77344231   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------------------

.         eststo table2B: xtreg kld_diff_nogov ib2002.year##(ib5.eg_slope_dd0_rankingp2003_xt1 ib5.at_rankingp2003_xt1) if mainperiod, fe vce(cluster firmid);
note: 1.eg_slope_dd0_rankingp2003_xt1 omitted because of collinearity.
note: 2.eg_slope_dd0_rankingp2003_xt1 omitted because of collinearity.
note: 3.eg_slope_dd0_rankingp2003_xt1 omitted because of collinearity.
note: 4.eg_slope_dd0_rankingp2003_xt1 omitted because of collinearity.
note: 7.eg_slope_dd0_rankingp2003_xt1 omitted because of collinearity.
note: 8.eg_slope_dd0_rankingp2003_xt1 omitted because of collinearity.
note: 9.eg_slope_dd0_rankingp2003_xt1 omitted because of collinearity.
note: 10.eg_slope_dd0_rankingp2003_xt1 omitted because of collinearity.
note: 1.at_rankingp2003_xt1 omitted because of collinearity.
note: 2.at_rankingp2003_xt1 omitted because of collinearity.
note: 3.at_rankingp2003_xt1 omitted because of collinearity.
note: 4.at_rankingp2003_xt1 omitted because of collinearity.
note: 6.at_rankingp2003_xt1 omitted because of collinearity.
note: 7.at_rankingp2003_xt1 omitted because of collinearity.
note: 8.at_rankingp2003_xt1 omitted because of collinearity.
note: 9.at_rankingp2003_xt1 omitted because of collinearity.
note: 10.at_rankingp2003_xt1 omitted because of collinearity.

Fixed-effects (within) regression               Number of obs     =      3,663
Group variable: firmid                          Number of groups  =        502

R-squared:                                      Obs per group:
     Within  = 0.0966                                         min =          2
     Between = 0.0006                                         avg =        7.3
     Overall = 0.0182                                         max =          8

                                                F(126,501)        =       2.32
corr(u_i, Xb) = -0.0312                         Prob > F          =     0.0000

                                                     (Std. err. adjusted for 502 clusters in firmid)
----------------------------------------------------------------------------------------------------
                                   |               Robust
                    kld_diff_nogov | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-----------------------------------+----------------------------------------------------------------
                              year |
                             1999  |    .321584   .2128335     1.51   0.131    -.0965721    .7397402
                             2000  |   .1443827   .2134408     0.68   0.499    -.2749666     .563732
                             2001  |  -.2183875   .1807364    -1.21   0.227    -.5734822    .1367072
                             2003  |  -.2730206   .2544659    -1.07   0.284    -.7729723    .2269311
                             2004  |  -.7199465   .2948748    -2.44   0.015     -1.29929   -.1406031
                             2005  |  -.6601365   .3404995    -1.94   0.053    -1.329119    .0088464
                             2006  |  -.7644279   .3855265    -1.98   0.048    -1.521876   -.0069801
                                   |
     eg_slope_dd0_rankingp2003_xt1 |
                                1  |          0  (omitted)
                                2  |          0  (omitted)
                                3  |          0  (omitted)
                                4  |          0  (omitted)
                                7  |          0  (omitted)
                                8  |          0  (omitted)
                                9  |          0  (omitted)
                               10  |          0  (omitted)
                                   |
               at_rankingp2003_xt1 |
                                1  |          0  (omitted)
                                2  |          0  (omitted)
                                3  |          0  (omitted)
                                4  |          0  (omitted)
                                6  |          0  (omitted)
                                7  |          0  (omitted)
                                8  |          0  (omitted)
                                9  |          0  (omitted)
                               10  |          0  (omitted)
                                   |
year#eg_slope_dd0_rankingp2003_xt1 |
                          1999  1  |   .5416339   .3270751     1.66   0.098     -.100974    1.184242
                          1999  2  |  -.5123441   .3139363    -1.63   0.103    -1.129138    .1044498
                          1999  3  |   .4051639   .2711146     1.49   0.136    -.1274978    .9378256
                          1999  4  |  -.1353712   .2956167    -0.46   0.647    -.7161725    .4454301
                          1999  7  |    .171322    .311794     0.55   0.583    -.4412628    .7839069
                          1999  8  |   .0081839   .2719893     0.03   0.976    -.5261963     .542564
                          1999  9  |   .2615362   .2651625     0.99   0.324    -.2594313    .7825037
                          1999 10  |   .5251192   .2554867     2.06   0.040     .0231618    1.027077
                          2000  1  |    .059357   .3084421     0.19   0.847    -.5466425    .6653564
                          2000  2  |  -.2971593   .2384317    -1.25   0.213    -.7656085    .1712899
                          2000  3  |   .1756479   .2041277     0.86   0.390    -.2254038    .5766997
                          2000  4  |  -.2026772   .2262337    -0.90   0.371    -.6471608    .2418064
                          2000  7  |   .1522931   .2501679     0.61   0.543    -.3392144    .6438006
                          2000  8  |  -.2168466   .2198247    -0.99   0.324    -.6487384    .2150453
                          2000  9  |   .1793113   .2190037     0.82   0.413    -.2509676    .6095901
                          2000 10  |   .2208653   .2035077     1.09   0.278    -.1789682    .6206989
                          2001  1  |   .0480875   .2344363     0.21   0.838    -.4125119    .5086869
                          2001  2  |  -.0763745   .1771844    -0.43   0.667    -.4244906    .2717415
                          2001  3  |   .0892279   .1730362     0.52   0.606    -.2507381    .4291939
                          2001  4  |  -.2423669   .1544657    -1.57   0.117    -.5458472    .0611134
                          2001  7  |     .14543   .1638022     0.89   0.375    -.1763938    .4672538
                          2001  8  |    -.03644   .1565487    -0.23   0.816    -.3440128    .2711327
                          2001  9  |   .0324232   .1444401     0.22   0.822    -.2513597    .3162061
                          2001 10  |   .2070149   .1271145     1.63   0.104    -.0427283     .456758
                          2003  1  |   .0893334    .207159     0.43   0.666    -.3176741    .4963408
                          2003  2  |   .2769465      .2585     1.07   0.285    -.2309311    .7848241
                          2003  3  |   .3733135    .208575     1.79   0.074     -.036476    .7831031
                          2003  4  |   .0960874   .1894602     0.51   0.612    -.2761471    .4683218
                          2003  7  |   .1331491   .1832643     0.73   0.468    -.2269121    .4932103
                          2003  8  |   .2881215   .1807172     1.59   0.111    -.0669354    .6431785
                          2003  9  |   .2362898   .1931371     1.22   0.222    -.1431687    .6157483
                          2003 10  |   .1814543   .1862081     0.97   0.330    -.1843907    .5472992
                          2004  1  |   .4602148   .2834573     1.62   0.105    -.0966967    1.017126
                          2004  2  |   .4548746   .3058295     1.49   0.138    -.1459919    1.055741
                          2004  3  |   .5300587    .280412     1.89   0.059    -.0208695    1.080987
                          2004  4  |   .2425411   .2410518     1.01   0.315    -.2310558    .7161381
                          2004  7  |   .3290581   .2435526     1.35   0.177    -.1494521    .8075684
                          2004  8  |   .8060451   .2420173     3.33   0.001     .3305513    1.281539
                          2004  9  |   .4333092   .2467561     1.76   0.080     -.051495    .9181134
                          2004 10  |   .6890373      .2521     2.73   0.006     .1937339    1.184341
                          2005  1  |   .6860868   .3289109     2.09   0.037     .0398721    1.332301
                          2005  2  |   .6598452   .3685932     1.79   0.074    -.0643336    1.384024
                          2005  3  |   .6315592   .3373108     1.87   0.062    -.0311589    1.294277
                          2005  4  |   .2282495   .3408364     0.67   0.503    -.4413952    .8978942
                          2005  7  |   .6057052   .3021741     2.00   0.046     .0120206     1.19939
                          2005  8  |   1.062303   .3031225     3.50   0.000     .4667553    1.657851
                          2005  9  |   .6839043   .2815493     2.43   0.015     .1307415    1.237067
                          2005 10  |   .8180473   .3225237     2.54   0.012     .1843816    1.451713
                          2006  1  |   .8853069   .3838764     2.31   0.022     .1311009    1.639513
                          2006  2  |   .2883109    .405041     0.71   0.477    -.5074773    1.084099
                          2006  3  |   .7465105   .3738362     2.00   0.046     .0120306     1.48099
                          2006  4  |   .4251028   .4006624     1.06   0.289    -.3620827    1.212288
                          2006  7  |   .5767649    .351838     1.64   0.102    -.1144948    1.268025
                          2006  8  |   1.219625   .3423696     3.56   0.000     .5469681    1.892282
                          2006  9  |    .702315   .3284619     2.14   0.033     .0569825    1.347647
                          2006 10  |   .9010276   .3478992     2.59   0.010     .2175065    1.584549
                                   |
          year#at_rankingp2003_xt1 |
                          1999  1  |  -.6681977   .2500789    -2.67   0.008     -1.15953   -.1768652
                          1999  2  |  -.3167819   .2259056    -1.40   0.161     -.760621    .1270571
                          1999  3  |  -.2268709   .3081496    -0.74   0.462    -.8322956    .3785538
                          1999  4  |  -.0652946   .2424962    -0.27   0.788    -.5417293    .4111401
                          1999  6  |  -.3357589   .2413938    -1.39   0.165    -.8100279    .1385101
                          1999  7  |  -.2832322   .3063727    -0.92   0.356    -.8851657    .3187013
                          1999  8  |    .122641   .3064989     0.40   0.689    -.4795406    .7248226
                          1999  9  |   .4681385   .3444788     1.36   0.175    -.2086625     1.14494
                          1999 10  |     .13063    .324151     0.40   0.687    -.5062328    .7674928
                          2000  1  |  -.0308775   .2394563    -0.13   0.897    -.5013397    .4395847
                          2000  2  |  -.1127087   .2304048    -0.49   0.625    -.5653875    .3399701
                          2000  3  |  -.1433441   .2527848    -0.57   0.571    -.6399931    .3533049
                          2000  4  |   .1634973   .2355647     0.69   0.488     -.299319    .6263137
                          2000  6  |   .2490358   .2593585     0.96   0.337    -.2605286    .7586002
                          2000  7  |   .2501152   .2778808     0.90   0.369      -.29584    .7960704
                          2000  8  |   .4538788   .2803114     1.62   0.106    -.0968519    1.004609
                          2000  9  |   .3911835   .3184685     1.23   0.220    -.2345147    1.016882
                          2000 10  |   .2289949   .3398413     0.67   0.501    -.4386948    .8966846
                          2001  1  |   .2225561   .1931641     1.15   0.250    -.1569554    .6020676
                          2001  2  |   .1099052   .1938018     0.57   0.571    -.2708593    .4906696
                          2001  3  |   .1665489   .1902537     0.88   0.382    -.2072445    .5403424
                          2001  4  |   .2425885   .1878192     1.29   0.197    -.1264219    .6115988
                          2001  6  |   .3485481   .1949001     1.79   0.074     -.034374    .7314703
                          2001  7  |   .2236346   .2267531     0.99   0.324    -.2218696    .6691387
                          2001  8  |   .4042552   .2382059     1.70   0.090    -.0637503    .8722607
                          2001  9  |   .2320825   .2445995     0.95   0.343    -.2484848    .7126497
                          2001 10  |   .0612531   .2430853     0.25   0.801    -.4163391    .5388453
                          2003  1  |  -.1427388   .2364145    -0.60   0.546    -.6072248    .3217471
                          2003  2  |   .1181168   .2469332     0.48   0.633    -.3670354    .6032691
                          2003  3  |   .2981601    .249689     1.19   0.233    -.1924064    .7887267
                          2003  4  |  -.0361117   .2533372    -0.14   0.887     -.533846    .4616225
                          2003  6  |  -.1261344   .2388432    -0.53   0.598    -.5953921    .3431232
                          2003  7  |    .013475   .2475126     0.05   0.957    -.4728156    .4997656
                          2003  8  |   .0832392   .2884468     0.29   0.773    -.4834753    .6499537
                          2003  9  |  -.2490691   .2764009    -0.90   0.368    -.7921169    .2939787
                          2003 10  |   .2504744   .2676618     0.94   0.350    -.2754036    .7763523
                          2004  1  |   .0316939    .274341     0.12   0.908    -.5073068    .5706945
                          2004  2  |   .3141634   .2933187     1.07   0.285    -.2621229    .8904498
                          2004  3  |   .3984852   .2997688     1.33   0.184    -.1904737    .9874441
                          2004  4  |   .2109967   .3182969     0.66   0.508    -.4143644    .8363579
                          2004  6  |  -.1063917   .2963213    -0.36   0.720    -.6885773    .4757939
                          2004  7  |   .5126292   .3337201     1.54   0.125    -.1430342    1.168293
                          2004  8  |   .1887347   .3577764     0.53   0.598    -.5141924    .8916618
                          2004  9  |   .4300038   .3644712     1.18   0.239    -.2860766    1.146084
                          2004 10  |   .5627031   .3374434     1.67   0.096    -.1002754    1.225682
                          2005  1  |   -.367134   .3352274    -1.10   0.274    -1.025759    .2914908
                          2005  2  |   .2565331   .3923817     0.65   0.514    -.5143833     1.02745
                          2005  3  |   .1953881   .3874953     0.50   0.614    -.5659278    .9567041
                          2005  4  |   .2422473   .3937223     0.62   0.539    -.5313031    1.015798
                          2005  6  |  -.5862218   .3482189    -1.68   0.093    -1.270371    .0979274
                          2005  7  |   .0212823   .4001599     0.05   0.958    -.7649161    .8074806
                          2005  8  |  -.6261987   .4086594    -1.53   0.126    -1.429096    .1766986
                          2005  9  |  -.3113275   .4247569    -0.73   0.464    -1.145852    .5231968
                          2005 10  |   .0885568   .3829443     0.23   0.817    -.6638178    .8409314
                          2006  1  |  -.3011581   .3969435    -0.76   0.448    -1.081037    .4787208
                          2006  2  |   .2005017   .4263365     0.47   0.638     -.637126    1.038129
                          2006  3  |   .0675036   .4499574     0.15   0.881    -.8165323    .9515395
                          2006  4  |   .2256785   .4515807     0.50   0.617    -.6615468    1.112904
                          2006  6  |  -.7935657   .3988148    -1.99   0.047    -1.577121   -.0100101
                          2006  7  |   .0286864   .4507714     0.06   0.949    -.8569488    .9143217
                          2006  8  |  -.6611989   .4632711    -1.43   0.154    -1.571392    .2489946
                          2006  9  |  -.4650496   .4609683    -1.01   0.314    -1.370719    .4406196
                          2006 10  |  -.1690732   .4504605    -0.38   0.708    -1.054097    .7159512
                                   |
                             _cons |   .5171374   .0396822    13.03   0.000     .4391733    .5951015
-----------------------------------+----------------------------------------------------------------
                           sigma_u |  2.1062146
                           sigma_e |  1.1325718
                               rho |  .77570368   (fraction of variance due to u_i)
----------------------------------------------------------------------------------------------------

.                 esttab table2A, r2 scalars(N_clust) nobase noomit sfmt(a3) `esttabopt';

----------------------------
                      (1)   
                  table2A   
----------------------------
1999.year           0.132   
                  [0.190]   

2000.year           0.262   
                  [0.155]*  

2001.year          -0.050   
                  [0.124]   

2003.year          -0.341   
                  [0.172]** 

2004.year          -0.755   
                  [0.215]***

2005.year          -0.931   
                  [0.253]***

2006.year          -1.119   
                  [0.276]***

1999.ye~2003        0.023   
                  [0.257]   

1999.ye~2003        0.137   
                  [0.236]   

1999.ye~2003        0.105   
                  [0.238]   

1999.ye~2003        0.432   
                  [0.217]** 

2000.ye~2003       -0.111   
                  [0.207]   

2000.ye~2003       -0.017   
                  [0.171]   

2000.ye~2003       -0.042   
                  [0.183]   

2000.ye~2003        0.175   
                  [0.165]   

2001.ye~2003        0.000   
                  [0.163]   

2001.ye~2003       -0.071   
                  [0.133]   

2001.ye~2003        0.059   
                  [0.133]   

2001.ye~2003        0.119   
                  [0.117]   

2003.ye~2003        0.182   
                  [0.181]   

2003.ye~2003        0.245   
                  [0.164]   

2003.ye~2003        0.184   
                  [0.153]   

2003.ye~2003        0.226   
                  [0.157]   

2004.ye~2003        0.434   
                  [0.232]*  

2004.ye~2003        0.373   
                  [0.216]*  

2004.ye~2003        0.554   
                  [0.204]***

2004.ye~2003        0.563   
                  [0.206]***

2005.ye~2003        0.632   
                  [0.280]** 

2005.ye~2003        0.412   
                  [0.272]   

2005.ye~2003        0.791   
                  [0.253]***

2005.ye~2003        0.734   
                  [0.245]***

2006.ye~2003        0.531   
                  [0.316]*  

2006.ye~2003        0.567   
                  [0.309]*  

2006.ye~2003        0.872   
                  [0.286]***

2006.ye~2003        0.772   
                  [0.276]***

1999.year#~t       -0.337   
                  [0.175]*  

1999.year#~t        0.048   
                  [0.200]   

1999.year#~t        0.089   
                  [0.227]   

1999.year#~t        0.454   
                  [0.240]*  

2000.year#~t       -0.202   
                  [0.163]   

2000.year#~t       -0.068   
                  [0.167]   

2000.year#~t        0.222   
                  [0.197]   

2000.year#~t        0.191   
                  [0.233]   

2001.year#~t       -0.000   
                  [0.123]   

2001.year#~t        0.045   
                  [0.119]   

2001.year#~t        0.139   
                  [0.151]   

2001.year#~t       -0.032   
                  [0.162]   

2003.year#~t        0.063   
                  [0.151]   

2003.year#~t        0.205   
                  [0.158]   

2003.year#~t        0.112   
                  [0.172]   

2003.year#~t        0.059   
                  [0.171]   

2004.year#~t        0.231   
                  [0.180]   

2004.year#~t        0.344   
                  [0.201]*  

2004.year#~t        0.390   
                  [0.229]*  

2004.year#~t        0.521   
                  [0.226]** 

2005.year#~t        0.261   
                  [0.243]   

2005.year#~t        0.511   
                  [0.258]** 

2005.year#~t       -0.006   
                  [0.267]   

2005.year#~t        0.162   
                  [0.267]   

2006.year#~t        0.341   
                  [0.278]   

2006.year#~t        0.511   
                  [0.301]*  

2006.year#~t        0.084   
                  [0.308]   

2006.year#~t        0.047   
                  [0.302]   

_cons               0.518   
                  [0.040]***
----------------------------
N                    3663   
R-sq                0.067   
N_clust               502   
----------------------------
Standard errors in brackets
* p<0.1, ** p<0.05, *** p<0.01

.         esttab table2B, r2 scalars(N_clust) nobase noomit sfmt(a3) `esttabopt';

----------------------------
                      (1)   
                  table2B   
----------------------------
1999.year           0.322   
                  [0.213]   

2000.year           0.144   
                  [0.213]   

2001.year          -0.218   
                  [0.181]   

2003.year          -0.273   
                  [0.254]   

2004.year          -0.720   
                  [0.295]** 

2005.year          -0.660   
                  [0.340]*  

2006.year          -0.764   
                  [0.386]** 

1999.ye~2003        0.542   
                  [0.327]*  

1999.ye~2003       -0.512   
                  [0.314]   

1999.ye~2003        0.405   
                  [0.271]   

1999.ye~2003       -0.135   
                  [0.296]   

1999.ye~2003        0.171   
                  [0.312]   

1999.ye~2003        0.008   
                  [0.272]   

1999.ye~2003        0.262   
                  [0.265]   

1999.yea~200        0.525   
                  [0.255]** 

2000.ye~2003        0.059   
                  [0.308]   

2000.ye~2003       -0.297   
                  [0.238]   

2000.ye~2003        0.176   
                  [0.204]   

2000.ye~2003       -0.203   
                  [0.226]   

2000.ye~2003        0.152   
                  [0.250]   

2000.ye~2003       -0.217   
                  [0.220]   

2000.ye~2003        0.179   
                  [0.219]   

2000.yea~200        0.221   
                  [0.204]   

2001.ye~2003        0.048   
                  [0.234]   

2001.ye~2003       -0.076   
                  [0.177]   

2001.ye~2003        0.089   
                  [0.173]   

2001.ye~2003       -0.242   
                  [0.154]   

2001.ye~2003        0.145   
                  [0.164]   

2001.ye~2003       -0.036   
                  [0.157]   

2001.ye~2003        0.032   
                  [0.144]   

2001.yea~200        0.207   
                  [0.127]   

2003.ye~2003        0.089   
                  [0.207]   

2003.ye~2003        0.277   
                  [0.258]   

2003.ye~2003        0.373   
                  [0.209]*  

2003.ye~2003        0.096   
                  [0.189]   

2003.ye~2003        0.133   
                  [0.183]   

2003.ye~2003        0.288   
                  [0.181]   

2003.ye~2003        0.236   
                  [0.193]   

2003.yea~200        0.181   
                  [0.186]   

2004.ye~2003        0.460   
                  [0.283]   

2004.ye~2003        0.455   
                  [0.306]   

2004.ye~2003        0.530   
                  [0.280]*  

2004.ye~2003        0.243   
                  [0.241]   

2004.ye~2003        0.329   
                  [0.244]   

2004.ye~2003        0.806   
                  [0.242]***

2004.ye~2003        0.433   
                  [0.247]*  

2004.yea~200        0.689   
                  [0.252]***

2005.ye~2003        0.686   
                  [0.329]** 

2005.ye~2003        0.660   
                  [0.369]*  

2005.ye~2003        0.632   
                  [0.337]*  

2005.ye~2003        0.228   
                  [0.341]   

2005.ye~2003        0.606   
                  [0.302]** 

2005.ye~2003        1.062   
                  [0.303]***

2005.ye~2003        0.684   
                  [0.282]** 

2005.yea~200        0.818   
                  [0.323]** 

2006.ye~2003        0.885   
                  [0.384]** 

2006.ye~2003        0.288   
                  [0.405]   

2006.ye~2003        0.747   
                  [0.374]** 

2006.ye~2003        0.425   
                  [0.401]   

2006.ye~2003        0.577   
                  [0.352]   

2006.ye~2003        1.220   
                  [0.342]***

2006.ye~2003        0.702   
                  [0.328]** 

2006.yea~200        0.901   
                  [0.348]***

1999.year#~1       -0.668   
                  [0.250]***

1999.year#~1       -0.317   
                  [0.226]   

1999.year#~1       -0.227   
                  [0.308]   

1999.year#~1       -0.065   
                  [0.242]   

1999.year#~1       -0.336   
                  [0.241]   

1999.year#~1       -0.283   
                  [0.306]   

1999.year#~1        0.123   
                  [0.306]   

1999.year#~1        0.468   
                  [0.344]   

1999.year#~1        0.131   
                  [0.324]   

2000.year#~1       -0.031   
                  [0.239]   

2000.year#~1       -0.113   
                  [0.230]   

2000.year#~1       -0.143   
                  [0.253]   

2000.year#~1        0.163   
                  [0.236]   

2000.year#~1        0.249   
                  [0.259]   

2000.year#~1        0.250   
                  [0.278]   

2000.year#~1        0.454   
                  [0.280]   

2000.year#~1        0.391   
                  [0.318]   

2000.year#~1        0.229   
                  [0.340]   

2001.year#~1        0.223   
                  [0.193]   

2001.year#~1        0.110   
                  [0.194]   

2001.year#~1        0.167   
                  [0.190]   

2001.year#~1        0.243   
                  [0.188]   

2001.year#~1        0.349   
                  [0.195]*  

2001.year#~1        0.224   
                  [0.227]   

2001.year#~1        0.404   
                  [0.238]*  

2001.year#~1        0.232   
                  [0.245]   

2001.year#~1        0.061   
                  [0.243]   

2003.year#~1       -0.143   
                  [0.236]   

2003.year#~1        0.118   
                  [0.247]   

2003.year#~1        0.298   
                  [0.250]   

2003.year#~1       -0.036   
                  [0.253]   

2003.year#~1       -0.126   
                  [0.239]   

2003.year#~1        0.013   
                  [0.248]   

2003.year#~1        0.083   
                  [0.288]   

2003.year#~1       -0.249   
                  [0.276]   

2003.year#~1        0.250   
                  [0.268]   

2004.year#~1        0.032   
                  [0.274]   

2004.year#~1        0.314   
                  [0.293]   

2004.year#~1        0.398   
                  [0.300]   

2004.year#~1        0.211   
                  [0.318]   

2004.year#~1       -0.106   
                  [0.296]   

2004.year#~1        0.513   
                  [0.334]   

2004.year#~1        0.189   
                  [0.358]   

2004.year#~1        0.430   
                  [0.364]   

2004.year#~1        0.563   
                  [0.337]*  

2005.year#~1       -0.367   
                  [0.335]   

2005.year#~1        0.257   
                  [0.392]   

2005.year#~1        0.195   
                  [0.387]   

2005.year#~1        0.242   
                  [0.394]   

2005.year#~1       -0.586   
                  [0.348]*  

2005.year#~1        0.021   
                  [0.400]   

2005.year#~1       -0.626   
                  [0.409]   

2005.year#~1       -0.311   
                  [0.425]   

2005.year#~1        0.089   
                  [0.383]   

2006.year#~1       -0.301   
                  [0.397]   

2006.year#~1        0.201   
                  [0.426]   

2006.year#~1        0.068   
                  [0.450]   

2006.year#~1        0.226   
                  [0.452]   

2006.year#~1       -0.794   
                  [0.399]** 

2006.year#~1        0.029   
                  [0.451]   

2006.year#~1       -0.661   
                  [0.463]   

2006.year#~1       -0.465   
                  [0.461]   

2006.year#~1       -0.169   
                  [0.450]   

_cons               0.517   
                  [0.040]***
----------------------------
N                    3663   
R-sq                0.097   
N_clust               502   
----------------------------
Standard errors in brackets
* p<0.1, ** p<0.05, *** p<0.01

.                 esttab * using output/table2.csv, replace r2 scalars(N_clust) nobase noomit sfmt(a3) `esttabopt';
(file output/table2.csv not found)
(output written to output/table2.csv)

.         * table 3;
.         * i = base year, j = shock/ranking year;
.         eststo clear;

.         forval i = 1994/1998 {;
  2.                 local j = `i' + 1;
  3.                 use `file', clear;
  4.                 drop mainperiod post;
  5.                 gen t = .;
  6.                 forval k = -3/4 {;
  7.                         * k indexes offset;
.                         * t indexes offset but excludes negative numbers for stata factor variable compatibility;
.                         * t = 3 for base year;
.                         local t = `k' + 3;
  8.                         replace t = `t' if year == `i'+`k';
  9.                 };
 10.                 gen mainperiod = inrange(year,`i'-3,`i'+4);
 11.                 gen post = (year > `i');
 12.                 local vars "eg_slope_dd0 at";
 13.                 foreach var of local vars {;
 14.                         gen `var'_rank_xt = `var'_rankingp`j'_xt;
 15.                 };
 16.                 eststo base`i': quietly xtreg kld_diff_nogov ib3.t##(ib3.eg_slope_dd0_rank_xt ib3.at_rank_xt) if mainperiod, fe vce(cluster firmid);
 17.         };
(115,677 missing values generated)
(1,987 real changes made)
(2,145 real changes made)
(2,354 real changes made)
(2,526 real changes made)
(2,676 real changes made)
(2,907 real changes made)
(3,088 real changes made)
(3,253 real changes made)
(91,841 missing values generated)
(91,841 missing values generated)
(115,677 missing values generated)
(2,145 real changes made)
(2,354 real changes made)
(2,526 real changes made)
(2,676 real changes made)
(2,907 real changes made)
(3,088 real changes made)
(3,253 real changes made)
(3,426 real changes made)
(91,745 missing values generated)
(91,745 missing values generated)
(115,677 missing values generated)
(2,354 real changes made)
(2,526 real changes made)
(2,676 real changes made)
(2,907 real changes made)
(3,088 real changes made)
(3,253 real changes made)
(3,426 real changes made)
(3,619 real changes made)
(92,051 missing values generated)
(92,051 missing values generated)
(115,677 missing values generated)
(2,526 real changes made)
(2,676 real changes made)
(2,907 real changes made)
(3,088 real changes made)
(3,253 real changes made)
(3,426 real changes made)
(3,619 real changes made)
(3,673 real changes made)
(91,974 missing values generated)
(91,974 missing values generated)
(115,677 missing values generated)
(2,676 real changes made)
(2,907 real changes made)
(3,088 real changes made)
(3,253 real changes made)
(3,426 real changes made)
(3,619 real changes made)
(3,673 real changes made)
(3,745 real changes made)
(91,658 missing values generated)
(91,658 missing values generated)

.         esttab * using output/table3.csv , replace r2 scalars(N_clust) nobase noomit sfmt(a3) `esttabopt';
(file output/table3.csv not found)
(output written to output/table3.csv)

. * table 4;
.         eststo clear;

.         use `file', clear;

.                 * asset, leverage, cash;
.         eststo table4_1: xtreg kld_diff_nogov ib2002.year##(ib3.eg_slope_dd0_rankingp2003_xt ib3.at_rankingp2003_xt ib3.lev_rankingp2003_xt ib3.cash_rankingp2003_xt) if mainperiod, fe vce(cluster fi
> rmid);
note: 1.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 2.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 4.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 5.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 1.at_rankingp2003_xt omitted because of collinearity.
note: 2.at_rankingp2003_xt omitted because of collinearity.
note: 4.at_rankingp2003_xt omitted because of collinearity.
note: 5.at_rankingp2003_xt omitted because of collinearity.
note: 1.lev_rankingp2003_xt omitted because of collinearity.
note: 2.lev_rankingp2003_xt omitted because of collinearity.
note: 4.lev_rankingp2003_xt omitted because of collinearity.
note: 5.lev_rankingp2003_xt omitted because of collinearity.
note: 1.cash_rankingp2003_xt omitted because of collinearity.
note: 2.cash_rankingp2003_xt omitted because of collinearity.
note: 4.cash_rankingp2003_xt omitted because of collinearity.
note: 5.cash_rankingp2003_xt omitted because of collinearity.

Fixed-effects (within) regression               Number of obs     =      3,645
Group variable: firmid                          Number of groups  =        499

R-squared:                                      Obs per group:
     Within  = 0.0969                                         min =          2
     Between = 0.0002                                         avg =        7.3
     Overall = 0.0140                                         max =          8

                                                F(119,498)        =       2.49
corr(u_i, Xb) = -0.0494                         Prob > F          =     0.0000

                                                    (Std. err. adjusted for 499 clusters in firmid)
---------------------------------------------------------------------------------------------------
                                  |               Robust
                   kld_diff_nogov | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------------------+----------------------------------------------------------------
                             year |
                            1999  |  -.3702113   .2746955    -1.35   0.178    -.9099163    .1694936
                            2000  |   .0424223   .2201932     0.19   0.847    -.3901999    .4750444
                            2001  |  -.1315234   .1689344    -0.78   0.437    -.4634354    .2003886
                            2003  |  -.2933016    .227043    -1.29   0.197    -.7393819    .1527787
                            2004  |  -.8011571   .3038732    -2.64   0.009    -1.398189   -.2041257
                            2005  |  -.6390144   .3446962    -1.85   0.064    -1.316253    .0382236
                            2006  |  -1.116492   .3901827    -2.86   0.004    -1.883099   -.3498851
                                  |
     eg_slope_dd0_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
               at_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
              lev_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
             cash_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
year#eg_slope_dd0_rankingp2003_xt |
                          1999 1  |  -.0516539   .2666179    -0.19   0.846    -.5754885    .4721806
                          1999 2  |   .1117992   .2392538     0.47   0.641    -.3582721    .5818705
                          1999 4  |   .0781351   .2434104     0.32   0.748    -.4001028    .5563729
                          1999 5  |   .3628953   .2285926     1.59   0.113    -.0862294      .81202
                          2000 1  |  -.1013976   .2047856    -0.50   0.621    -.5037479    .3009527
                          2000 2  |  -.0172651   .1732449    -0.10   0.921    -.3576461    .3231159
                          2000 4  |  -.0177717   .1845685    -0.10   0.923    -.3804006    .3448572
                          2000 5  |   .2259772   .1751622     1.29   0.198    -.1181708    .5701252
                          2001 1  |   .0403319   .1629329     0.25   0.805    -.2797887    .3604526
                          2001 2  |  -.0560211    .135862    -0.41   0.680    -.3229544    .2109122
                          2001 4  |   .0930537   .1344116     0.69   0.489      -.17103    .3571374
                          2001 5  |   .2027668   .1240462     1.63   0.103    -.0409516    .4464852
                          2003 1  |   .2778485   .1880423     1.48   0.140    -.0916055    .6473024
                          2003 2  |   .2740066   .1689101     1.62   0.105    -.0578577     .605871
                          2003 4  |   .1900564   .1571992     1.21   0.227    -.1187989    .4989117
                          2003 5  |   .2789823   .1645327     1.70   0.091    -.0442816    .6022462
                          2004 1  |   .5894504   .2433196     2.42   0.016      .111391     1.06751
                          2004 2  |   .4674463   .2196786     2.13   0.034     .0358351    .8990574
                          2004 4  |   .6031421   .2051865     2.94   0.003     .2000041     1.00628
                          2004 5  |   .6348233   .2118745     3.00   0.003     .2185453    1.051101
                          2005 1  |   .6221127   .2883759     2.16   0.031     .0555294    1.188696
                          2005 2  |   .4215569   .2729728     1.54   0.123    -.1147633    .9578771
                          2005 4  |    .734505   .2539079     2.89   0.004     .2356422    1.233368
                          2005 5  |    .674762   .2507558     2.69   0.007     .1820923    1.167432
                          2006 1  |   .5030042   .3258448     1.54   0.123    -.1371958    1.143204
                          2006 2  |   .5823306   .3169376     1.84   0.067    -.0403691     1.20503
                          2006 4  |   .7993129   .2849425     2.81   0.005     .2394752    1.359151
                          2006 5  |   .6875597   .2798446     2.46   0.014     .1377381    1.237381
                                  |
          year#at_rankingp2003_xt |
                          1999 1  |  -.3786897    .187375    -2.02   0.044    -.7468326   -.0105467
                          1999 2  |    .087676    .203624     0.43   0.667     -.312392     .487744
                          1999 4  |   .1086684   .2328463     0.47   0.641    -.3488138    .5661507
                          1999 5  |   .6250594   .2877606     2.17   0.030     .0596848    1.190434
                          2000 1  |  -.1119964   .2032056    -0.55   0.582    -.5112423    .2872496
                          2000 2  |  -.0070157   .1760763    -0.04   0.968    -.3529597    .3389282
                          2000 4  |   .2391332   .1975946     1.21   0.227    -.1490886     .627355
                          2000 5  |   .3889515   .2607053     1.49   0.136    -.1232663    .9011693
                          2001 1  |    .057019   .1467042     0.39   0.698    -.2312164    .3452545
                          2001 2  |   .0904015   .1237627     0.73   0.465    -.1527598    .3335628
                          2001 4  |   .1490867   .1511176     0.99   0.324    -.1478199    .4459933
                          2001 5  |    .048695   .1829933     0.27   0.790     -.310839     .408229
                          2003 1  |   .1655187   .1625467     1.02   0.309    -.1538433    .4848806
                          2003 2  |   .2479816   .1549123     1.60   0.110    -.0563806    .5523437
                          2003 4  |   .0676776   .1764725     0.38   0.702    -.2790448    .4144001
                          2003 5  |  -.0911007   .1944239    -0.47   0.640    -.4730929    .2908915
                          2004 1  |   .2920033    .191357     1.53   0.128    -.0839632    .6679698
                          2004 2  |   .3860421    .197378     1.96   0.051    -.0017542    .7738383
                          2004 4  |    .398303   .2320126     1.72   0.087    -.0575411    .8541472
                          2004 5  |   .5094569   .2518275     2.02   0.044     .0146816    1.004232
                          2005 1  |   .1379669   .2557457     0.54   0.590    -.3645066    .6404405
                          2005 2  |   .4054243   .2546901     1.59   0.112    -.0949752    .9058238
                          2005 4  |   .0188667   .2673165     0.07   0.944    -.5063404    .5440737
                          2005 5  |   .1597515   .3088933     0.52   0.605    -.4471431    .7666461
                          2006 1  |   .1315319   .2874892     0.46   0.647    -.4333092    .6963731
                          2006 2  |   .4033847   .2957074     1.36   0.173    -.1776031    .9843725
                          2006 4  |   .1359022   .3088763     0.44   0.660    -.4709592    .7427635
                          2006 5  |   -.012363   .3457366    -0.04   0.971    -.6916452    .6669193
                                  |
         year#lev_rankingp2003_xt |
                          1999 1  |   .2853729   .2595558     1.10   0.272    -.2245866    .7953323
                          1999 2  |   .0477447   .2308634     0.21   0.836    -.4058415     .501331
                          1999 4  |   .5014217   .2509169     2.00   0.046     .0084355    .9944078
                          1999 5  |  -.1777853   .2738284    -0.65   0.516    -.7157866     .360216
                          2000 1  |   .0316179    .224787     0.14   0.888    -.4100299    .4732656
                          2000 2  |  -.1122259   .1617992    -0.69   0.488    -.4301191    .2056673
                          2000 4  |   .4313009   .1872001     2.30   0.022     .0635016    .7991002
                          2000 5  |  -.3046805   .2262112    -1.35   0.179    -.7491265    .1397654
                          2001 1  |   .0314817   .1615844     0.19   0.846    -.2859895     .348953
                          2001 2  |  -.1049161   .1217877    -0.86   0.389     -.344197    .1343649
                          2001 4  |    .181564   .1338885     1.36   0.176     -.081492      .44462
                          2001 5  |  -.1362122   .1653592    -0.82   0.410    -.4610999    .1886755
                          2003 1  |  -.1871363    .176294    -1.06   0.289     -.533508    .1592354
                          2003 2  |  -.2347294    .160817    -1.46   0.145    -.5506929    .0812341
                          2003 4  |   .0454741   .1921302     0.24   0.813    -.3320115    .4229597
                          2003 5  |   .1946168   .1840384     1.06   0.291    -.1669707    .5562042
                          2004 1  |   .1143713    .231534     0.49   0.622    -.3405327    .5692752
                          2004 2  |  -.2735899   .2141896    -1.28   0.202    -.6944166    .1472367
                          2004 4  |  -.0010926     .23783    -0.00   0.996    -.4683666    .4661813
                          2004 5  |    .034057   .2573774     0.13   0.895    -.4716225    .5397365
                          2005 1  |  -.0975828   .3140765    -0.31   0.756    -.7146612    .5194956
                          2005 2  |  -.3361132   .2633639    -1.28   0.202    -.8535544    .1813281
                          2005 4  |  -.2575692   .2839285    -0.91   0.365    -.8154145    .3002761
                          2005 5  |  -.2497811   .3317183    -0.75   0.452     -.901521    .4019589
                          2006 1  |   .0363425   .3601715     0.10   0.920    -.6713005    .7439854
                          2006 2  |  -.1961249   .3129431    -0.63   0.531    -.8109764    .4187266
                          2006 4  |   .0528672   .3310979     0.16   0.873    -.5976537    .7033882
                          2006 5  |  -.0570564   .3663568    -0.16   0.876    -.7768518    .6627391
                                  |
        year#cash_rankingp2003_xt |
                          1999 1  |   .5147646   .2297037     2.24   0.025     .0634568    .9660725
                          1999 2  |   .4140739   .2397039     1.73   0.085    -.0568816    .8850295
                          1999 4  |     .55182   .2319123     2.38   0.018     .0961728    1.007467
                          1999 5  |   .4426424   .2463706     1.80   0.073    -.0414115    .9266963
                          2000 1  |   .3010045     .19032     1.58   0.114    -.0729246    .6749336
                          2000 2  |   .1704937   .1930854     0.88   0.378    -.2088688    .5498561
                          2000 4  |   .0498482    .205102     0.24   0.808    -.3531236    .4528201
                          2000 5  |   .0840439   .2102719     0.40   0.690    -.3290854    .4971733
                          2001 1  |   .1717385   .1358568     1.26   0.207    -.0951847    .4386616
                          2001 2  |   .0990059   .1336792     0.74   0.459    -.1636388    .3616506
                          2001 4  |  -.1629532   .1501614    -1.09   0.278    -.4579812    .1320748
                          2001 5  |  -.0248214   .1366163    -0.18   0.856    -.2932368    .2435939
                          2003 1  |  -.0699305   .1700333    -0.41   0.681    -.4040016    .2641406
                          2003 2  |   .0374345   .1758015     0.21   0.831    -.3079695    .3828386
                          2003 4  |  -.2018237   .1678028    -1.20   0.230    -.5315124     .127865
                          2003 5  |   .0300164   .1668659     0.18   0.857    -.2978315    .3578643
                          2004 1  |   .1872709   .2102142     0.89   0.373    -.2257452     .600287
                          2004 2  |   .0033817   .2292702     0.01   0.988    -.4470743    .4538377
                          2004 4  |  -.3727652   .2047295    -1.82   0.069    -.7750053    .0294748
                          2004 5  |   .0517651   .2143173     0.24   0.809    -.3693124    .4728426
                          2005 1  |  -.2635935   .2528578    -1.04   0.298     -.760393     .233206
                          2005 2  |  -.2050713   .2946417    -0.70   0.487    -.7839653    .3738228
                          2005 4  |   .0894411   .2824883     0.32   0.752    -.4655747    .6444569
                          2005 5  |    .232537   .2736364     0.85   0.396    -.3050871    .7701611
                          2006 1  |   -.211996   .3030818    -0.70   0.485    -.8074726    .3834806
                          2006 2  |  -.0070006   .3240912    -0.02   0.983    -.6437553     .629754
                          2006 4  |   .2336417   .3116436     0.75   0.454    -.3786566    .8459401
                          2006 5  |   .6768516   .3049407     2.22   0.027     .0777227     1.27598
                                  |
                            _cons |   .5039082   .0396493    12.71   0.000     .4260077    .5818087
----------------------------------+----------------------------------------------------------------
                          sigma_u |  2.1011963
                          sigma_e |  1.1282263
                              rho |   .7762109   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------------------

.                 * + dedicated institutional ownership ;
.         eststo table4_2: xtreg kld_diff_nogov ib2002.year##(ib3.eg_slope_dd0_rankingp2003_xt ib3.at_rankingp2003_xt ib3.tfn_io_cls_DED_rankingp2003_xt ib3.lev_rankingp2003_xt ib3.cash_rankingp2003_x
> t) if mainperiod, fe vce(cluster firmid);
note: 1.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 2.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 4.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 5.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 1.at_rankingp2003_xt omitted because of collinearity.
note: 2.at_rankingp2003_xt omitted because of collinearity.
note: 4.at_rankingp2003_xt omitted because of collinearity.
note: 5.at_rankingp2003_xt omitted because of collinearity.
note: 1.tfn_io_cls_DED_rankingp2003_xt omitted because of collinearity.
note: 2.tfn_io_cls_DED_rankingp2003_xt omitted because of collinearity.
note: 4.tfn_io_cls_DED_rankingp2003_xt omitted because of collinearity.
note: 5.tfn_io_cls_DED_rankingp2003_xt omitted because of collinearity.
note: 1.lev_rankingp2003_xt omitted because of collinearity.
note: 2.lev_rankingp2003_xt omitted because of collinearity.
note: 4.lev_rankingp2003_xt omitted because of collinearity.
note: 5.lev_rankingp2003_xt omitted because of collinearity.
note: 1.cash_rankingp2003_xt omitted because of collinearity.
note: 2.cash_rankingp2003_xt omitted because of collinearity.
note: 4.cash_rankingp2003_xt omitted because of collinearity.
note: 5.cash_rankingp2003_xt omitted because of collinearity.

Fixed-effects (within) regression               Number of obs     =      3,596
Group variable: firmid                          Number of groups  =        492

R-squared:                                      Obs per group:
     Within  = 0.1015                                         min =          2
     Between = 0.0001                                         avg =        7.3
     Overall = 0.0150                                         max =          8

                                                F(147,491)        =       2.24
corr(u_i, Xb) = -0.0478                         Prob > F          =     0.0000

                                                      (Std. err. adjusted for 492 clusters in firmid)
-----------------------------------------------------------------------------------------------------
                                    |               Robust
                     kld_diff_nogov | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
------------------------------------+----------------------------------------------------------------
                               year |
                              1999  |  -.4662978   .3234036    -1.44   0.150    -1.101723    .1691279
                              2000  |   .1492205   .2613046     0.57   0.568    -.3641927    .6626337
                              2001  |    -.10705   .1827226    -0.59   0.558    -.4660647    .2519648
                              2003  |  -.1915065   .2509213    -0.76   0.446    -.6845185    .3015054
                              2004  |  -.7249648   .3336739    -2.17   0.030     -1.38057     -.06936
                              2005  |  -.3740924   .3869525    -0.97   0.334    -1.134379    .3861945
                              2006  |  -.9011187   .4517971    -1.99   0.047    -1.788813   -.0134245
                                    |
       eg_slope_dd0_rankingp2003_xt |
                                 1  |          0  (omitted)
                                 2  |          0  (omitted)
                                 4  |          0  (omitted)
                                 5  |          0  (omitted)
                                    |
                 at_rankingp2003_xt |
                                 1  |          0  (omitted)
                                 2  |          0  (omitted)
                                 4  |          0  (omitted)
                                 5  |          0  (omitted)
                                    |
     tfn_io_cls_DED_rankingp2003_xt |
                                 1  |          0  (omitted)
                                 2  |          0  (omitted)
                                 4  |          0  (omitted)
                                 5  |          0  (omitted)
                                    |
                lev_rankingp2003_xt |
                                 1  |          0  (omitted)
                                 2  |          0  (omitted)
                                 4  |          0  (omitted)
                                 5  |          0  (omitted)
                                    |
               cash_rankingp2003_xt |
                                 1  |          0  (omitted)
                                 2  |          0  (omitted)
                                 4  |          0  (omitted)
                                 5  |          0  (omitted)
                                    |
  year#eg_slope_dd0_rankingp2003_xt |
                            1999 1  |  -.0160617   .2735085    -0.06   0.953    -.5534532    .5213299
                            1999 2  |   .1258183   .2442981     0.52   0.607    -.3541803    .6058169
                            1999 4  |   .0883771    .248492     0.36   0.722    -.3998617     .576616
                            1999 5  |   .2916163    .230078     1.27   0.206    -.1604427    .7436752
                            2000 1  |  -.0928665   .2055233    -0.45   0.652    -.4966801    .3109471
                            2000 2  |  -.0396387    .175981    -0.23   0.822    -.3854074    .3061301
                            2000 4  |  -.0416285   .1865655    -0.22   0.824    -.4081937    .3249368
                            2000 5  |   .1479859   .1705627     0.87   0.386     -.187137    .4831088
                            2001 1  |   .0121391   .1628075     0.07   0.941    -.3077462    .3320244
                            2001 2  |  -.0744531   .1369696    -0.54   0.587    -.3435719    .1946657
                            2001 4  |   .0638232   .1348646     0.47   0.636    -.2011597    .3288061
                            2001 5  |   .1584375   .1253825     1.26   0.207     -.087915      .40479
                            2003 1  |   .2754197   .1905789     1.45   0.149    -.0990312    .6498705
                            2003 2  |   .2447599    .169169     1.45   0.149    -.0876246    .5771444
                            2003 4  |   .1817733   .1576698     1.15   0.250    -.1280175    .4915641
                            2003 5  |   .2638289    .169081     1.56   0.119    -.0683827    .5960404
                            2004 1  |   .5839594   .2467315     2.37   0.018     .0991795    1.068739
                            2004 2  |   .4415653   .2203736     2.00   0.046     .0085736     .874557
                            2004 4  |   .5844377   .2065167     2.83   0.005     .1786723    .9902031
                            2004 5  |   .6035494    .217968     2.77   0.006     .1752843    1.031814
                            2005 1  |   .6362462   .2899855     2.19   0.029     .0664807    1.206012
                            2005 2  |   .3982637   .2765416     1.44   0.150    -.1450873    .9416147
                            2005 4  |   .7160131   .2541071     2.82   0.005     .2167417    1.215284
                            2005 5  |   .5947209   .2551077     2.33   0.020     .0934834    1.095958
                            2006 1  |    .517232   .3336055     1.55   0.122    -.1382385    1.172702
                            2006 2  |   .5513108   .3237583     1.70   0.089    -.0848118    1.187433
                            2006 4  |   .7959441   .2850071     2.79   0.005       .23596    1.355928
                            2006 5  |   .6190288   .2825875     2.19   0.029     .0637989    1.174259
                                    |
            year#at_rankingp2003_xt |
                            1999 1  |  -.3981273   .1913205    -2.08   0.038    -.7740351   -.0222194
                            1999 2  |   .0904757   .2084527     0.43   0.664    -.3190937    .5000451
                            1999 4  |   .0986682   .2348583     0.42   0.675     -.362783    .5601195
                            1999 5  |   .5599258   .2877333     1.95   0.052    -.0054146    1.125266
                            2000 1  |  -.0982585   .2043294    -0.48   0.631    -.4997264    .3032094
                            2000 2  |  -.0010388   .1774974    -0.01   0.995     -.349787    .3477093
                            2000 4  |   .2227508   .1983244     1.12   0.262    -.1669184      .61242
                            2000 5  |   .2968897   .2524718     1.18   0.240    -.1991687     .792948
                            2001 1  |   .0599134   .1482973     0.40   0.686    -.2314621     .351289
                            2001 2  |   .0990923   .1245594     0.80   0.427     -.145643    .3438275
                            2001 4  |   .1369074   .1529121     0.90   0.371    -.1635354    .4373502
                            2001 5  |   .0123797   .1880724     0.07   0.948    -.3571464    .3819057
                            2003 1  |   .1484828   .1658436     0.90   0.371    -.1773679    .4743335
                            2003 2  |   .2641026    .155233     1.70   0.090    -.0409003    .5691054
                            2003 4  |   .0684595    .175962     0.39   0.697    -.2772719    .4141909
                            2003 5  |  -.0970234   .1977272    -0.49   0.624    -.4855193    .2914724
                            2004 1  |   .2894617   .1976739     1.46   0.144    -.0989294    .6778529
                            2004 2  |   .4080458   .1981571     2.06   0.040     .0187053    .7973863
                            2004 4  |   .3992352   .2320871     1.72   0.086    -.0567711    .8552416
                            2004 5  |   .4995814   .2556743     1.95   0.051    -.0027692    1.001932
                            2005 1  |   .1748111   .2628754     0.66   0.506    -.3416883    .6913106
                            2005 2  |   .4278307   .2547909     1.68   0.094    -.0727843    .9284457
                            2005 4  |   .0253868   .2653556     0.10   0.924    -.4959858    .5467593
                            2005 5  |   .0796275   .3060754     0.26   0.795    -.5217516    .6810066
                            2006 1  |   .1573895   .2924001     0.54   0.591    -.4171204    .7318993
                            2006 2  |   .4224039   .2970144     1.42   0.156    -.1611722     1.00598
                            2006 4  |   .1374818   .3063243     0.45   0.654    -.4643863    .7393499
                            2006 5  |  -.0783158   .3464609    -0.23   0.821    -.7590446     .602413
                                    |
year#tfn_io_cls_DED_rankingp2003_xt |
                            1999 1  |   .2150473   .2440354     0.88   0.379    -.2644353    .6945299
                            1999 2  |   .1367172   .2504908     0.55   0.585     -.355449    .6288834
                            1999 4  |   .0958854   .2313186     0.41   0.679    -.3586112    .5503819
                            1999 5  |   .2023388   .2222084     0.91   0.363    -.2342578    .6389354
                            2000 1  |  -.1001117   .2089762    -0.48   0.632    -.5107098    .3104863
                            2000 2  |  -.0494337   .2107173    -0.23   0.815    -.4634527    .3645852
                            2000 4  |  -.0736582   .1938467    -0.38   0.704    -.4545295    .3072132
                            2000 5  |  -.0545515   .1817355    -0.30   0.764    -.4116268    .3025237
                            2001 1  |  -.0420599   .1444631    -0.29   0.771    -.3259021    .2417823
                            2001 2  |   .0826352   .1501379     0.55   0.582    -.2123569    .3776273
                            2001 4  |  -.0281015   .1438833    -0.20   0.845    -.3108044    .2546014
                            2001 5  |  -.0413345   .1288991    -0.32   0.749    -.2945964    .2119273
                            2003 1  |  -.1257603   .1763908    -0.71   0.476    -.4723343    .2208136
                            2003 2  |  -.2534494   .1677362    -1.51   0.131    -.5830188      .07612
                            2003 4  |  -.0061275   .1482194    -0.04   0.967    -.2973502    .2850951
                            2003 5  |  -.0997219   .1599826    -0.62   0.533    -.4140569    .2146132
                            2004 1  |  -.2386287   .2290325    -1.04   0.298    -.6886334    .2113759
                            2004 2  |  -.1409258   .2187273    -0.64   0.520    -.5706828    .2888312
                            2004 4  |   .0307408   .2136282     0.14   0.886    -.3889974     .450479
                            2004 5  |  -.0038926   .2037305    -0.02   0.985    -.4041839    .3963986
                            2005 1  |  -.3998081   .2720954    -1.47   0.142    -.9344232     .134807
                            2005 2  |   -.236518   .2645572    -0.89   0.372    -.7563219     .283286
                            2005 4  |  -.4122944    .253537    -1.63   0.105    -.9104457     .085857
                            2005 5  |  -.0472948   .2552144    -0.19   0.853    -.5487419    .4541523
                            2006 1  |  -.3068377     .32092    -0.96   0.339    -.9373836    .3237081
                            2006 2  |   -.293204   .3223203    -0.91   0.363    -.9265012    .3400933
                            2006 4  |  -.2287881    .307151    -0.74   0.457    -.8322807    .3747045
                            2006 5  |  -.0588312   .3250826    -0.18   0.856     -.697556    .5798935
                                    |
           year#lev_rankingp2003_xt |
                            1999 1  |   .2092923   .2570982     0.81   0.416    -.2958561    .7144407
                            1999 2  |   .0439486   .2363313     0.19   0.853    -.4203968    .5082941
                            1999 4  |    .501061   .2569517     1.95   0.052    -.0037995    1.005922
                            1999 5  |   -.134923   .2699339    -0.50   0.617    -.6652912    .3954452
                            2000 1  |  -.0345724   .2173785    -0.16   0.874    -.4616793    .3925346
                            2000 2  |  -.1209758   .1660314    -0.73   0.467    -.4471956    .2052439
                            2000 4  |   .4365062   .1904366     2.29   0.022     .0623351    .8106773
                            2000 5  |  -.2578643   .2270592    -1.14   0.257    -.7039918    .1882632
                            2001 1  |   .0515502   .1625789     0.32   0.751    -.2678861    .3709865
                            2001 2  |  -.1077387    .124041    -0.87   0.386    -.3514553    .1359778
                            2001 4  |   .1825457   .1348002     1.35   0.176    -.0823107    .4474022
                            2001 5  |  -.1084428   .1643764    -0.66   0.510    -.4314106    .2145251
                            2003 1  |  -.1820843   .1789511    -1.02   0.309    -.5336887      .16952
                            2003 2  |    -.23536   .1606017    -1.47   0.143    -.5509113    .0801913
                            2003 4  |    .069867   .1923958     0.36   0.717    -.3081537    .4478877
                            2003 5  |   .1942301   .1839554     1.06   0.292    -.1672068    .5556669
                            2004 1  |   .1340107   .2322574     0.58   0.564    -.3223304    .5903517
                            2004 2  |  -.2888195   .2126634    -1.36   0.175     -.706662     .129023
                            2004 4  |   .0165191   .2387707     0.07   0.945    -.4526193    .4856575
                            2004 5  |   .0597156   .2586208     0.23   0.817    -.4484244    .5678556
                            2005 1  |  -.1072262   .3218516    -0.33   0.739    -.7396026    .5251502
                            2005 2  |  -.4023953   .2672288    -1.51   0.133    -.9274483    .1226577
                            2005 4  |  -.2918331   .2903694    -1.01   0.315    -.8623531    .2786869
                            2005 5  |  -.2291752   .3296503    -0.70   0.487    -.8768744    .4185241
                            2006 1  |   .0289203   .3675642     0.08   0.937    -.6932725    .7511131
                            2006 2  |   -.233398   .3170583    -0.74   0.462    -.8563565    .3895604
                            2006 4  |   .0497843   .3375744     0.15   0.883    -.6134842    .7130529
                            2006 5  |  -.0372561   .3696939    -0.10   0.920    -.7636334    .6891212
                                    |
          year#cash_rankingp2003_xt |
                            1999 1  |   .4436645   .2349824     1.89   0.060    -.0180306    .9053595
                            1999 2  |   .3862016   .2387157     1.62   0.106    -.0828286    .8552319
                            1999 4  |   .5620162   .2372668     2.37   0.018     .0958326      1.0282
                            1999 5  |   .4638757   .2504592     1.85   0.065    -.0282283    .9559797
                            2000 1  |   .2453927   .1921027     1.28   0.202     -.132052    .6228375
                            2000 2  |   .1506007   .1955552     0.77   0.442    -.2336277     .534829
                            2000 4  |   .0342357   .2060318     0.17   0.868    -.3705771    .4390485
                            2000 5  |   .0995389   .2124753     0.47   0.640    -.3179341    .5170119
                            2001 1  |    .176512   .1387207     1.27   0.204    -.0960475    .4490714
                            2001 2  |   .0982319   .1352096     0.73   0.468     -.167429    .3638928
                            2001 4  |  -.1416069   .1509894    -0.94   0.349    -.4382719    .1550581
                            2001 5  |   -.015432   .1366853    -0.11   0.910    -.2839922    .2531282
                            2003 1  |  -.0945814   .1707849    -0.55   0.580    -.4301409     .240978
                            2003 2  |    .050825   .1761854     0.29   0.773    -.2953454    .3969954
                            2003 4  |  -.2026034   .1729157    -1.17   0.242    -.5423494    .1371427
                            2003 5  |   .0210374   .1699556     0.12   0.902    -.3128926    .3549673
                            2004 1  |   .1574881   .2127486     0.74   0.459    -.2605218    .5754981
                            2004 2  |    .014993   .2298592     0.07   0.948     -.436636     .466622
                            2004 4  |  -.3792554   .2108379    -1.80   0.073    -.7935111    .0350004
                            2004 5  |   .0480129   .2146127     0.22   0.823    -.3736598    .4696855
                            2005 1  |  -.2941127   .2538596    -1.16   0.247    -.7928979    .2046724
                            2005 2  |  -.2078437   .2967708    -0.70   0.484     -.790941    .3752536
                            2005 4  |   .0882124   .2893405     0.30   0.761    -.4802859    .6567107
                            2005 5  |   .2529546   .2772407     0.91   0.362      -.29177    .7976792
                            2006 1  |  -.2656546   .3069681    -0.87   0.387    -.8687878    .3374786
                            2006 2  |  -.0090888    .325762    -0.03   0.978    -.6491484    .6309707
                            2006 4  |   .2237332    .319593     0.70   0.484    -.4042055    .8516719
                            2006 5  |   .6893672   .3102825     2.22   0.027     .0797219    1.299013
                                    |
                              _cons |   .5068164   .0398475    12.72   0.000     .4285237    .5851092
------------------------------------+----------------------------------------------------------------
                            sigma_u |  2.1045043
                            sigma_e |   1.133416
                                rho |  .77516129   (fraction of variance due to u_i)
-----------------------------------------------------------------------------------------------------

.                 * + largest block;
.         eststo table4_3: xtreg kld_diff_nogov ib2002.year##(ib3.eg_slope_dd0_rankingp2003_xt ib3.at_rankingp2003_xt ib3.tfn_io_max_rankingp2003_xt ib3.lev_rankingp2003_xt ib3.cash_rankingp2003_xt) i
> f mainperiod, fe vce(cluster firmid);
note: 1.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 2.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 4.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 5.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 1.at_rankingp2003_xt omitted because of collinearity.
note: 2.at_rankingp2003_xt omitted because of collinearity.
note: 4.at_rankingp2003_xt omitted because of collinearity.
note: 5.at_rankingp2003_xt omitted because of collinearity.
note: 1.tfn_io_max_rankingp2003_xt omitted because of collinearity.
note: 2.tfn_io_max_rankingp2003_xt omitted because of collinearity.
note: 4.tfn_io_max_rankingp2003_xt omitted because of collinearity.
note: 5.tfn_io_max_rankingp2003_xt omitted because of collinearity.
note: 1.lev_rankingp2003_xt omitted because of collinearity.
note: 2.lev_rankingp2003_xt omitted because of collinearity.
note: 4.lev_rankingp2003_xt omitted because of collinearity.
note: 5.lev_rankingp2003_xt omitted because of collinearity.
note: 1.cash_rankingp2003_xt omitted because of collinearity.
note: 2.cash_rankingp2003_xt omitted because of collinearity.
note: 4.cash_rankingp2003_xt omitted because of collinearity.
note: 5.cash_rankingp2003_xt omitted because of collinearity.

Fixed-effects (within) regression               Number of obs     =      3,596
Group variable: firmid                          Number of groups  =        492

R-squared:                                      Obs per group:
     Within  = 0.1013                                         min =          2
     Between = 0.0016                                         avg =        7.3
     Overall = 0.0211                                         max =          8

                                                F(147,491)        =       2.46
corr(u_i, Xb) = -0.0241                         Prob > F          =     0.0000

                                                    (Std. err. adjusted for 492 clusters in firmid)
---------------------------------------------------------------------------------------------------
                                  |               Robust
                   kld_diff_nogov | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------------------+----------------------------------------------------------------
                             year |
                            1999  |  -.2797428   .3052683    -0.92   0.360    -.8795361    .3200505
                            2000  |  -.0008161   .2508119    -0.00   0.997    -.4936131    .4919809
                            2001  |  -.1778301   .1828222    -0.97   0.331    -.5370405    .1813802
                            2003  |  -.4896945   .2518114    -1.94   0.052    -.9844554    .0050664
                            2004  |  -.9148621   .3371822    -2.71   0.007     -1.57736    -.252364
                            2005  |  -.8624366   .4035826    -2.14   0.033    -1.655399   -.0694745
                            2006  |  -1.394685   .4583823    -3.04   0.002    -2.295318   -.4940527
                                  |
     eg_slope_dd0_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
               at_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
       tfn_io_max_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
              lev_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
             cash_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
year#eg_slope_dd0_rankingp2003_xt |
                          1999 1  |  -.0726377    .267727    -0.27   0.786    -.5986697    .4533942
                          1999 2  |   .0852242   .2405095     0.35   0.723    -.3873307    .5577791
                          1999 4  |   .0396793   .2442633     0.16   0.871     -.440251    .5196097
                          1999 5  |   .2777701   .2274033     1.22   0.222    -.1690336    .7245738
                          2000 1  |  -.1226802   .2046621    -0.60   0.549    -.5248017    .2794413
                          2000 2  |  -.0466812   .1728161    -0.27   0.787    -.3862315    .2928692
                          2000 4  |   -.079714   .1871973    -0.43   0.670    -.4475207    .2880926
                          2000 5  |   .1571264    .172102     0.91   0.362    -.1810209    .4952736
                          2001 1  |   .0223335   .1616337     0.14   0.890    -.2952455    .3399125
                          2001 2  |  -.0781936   .1348281    -0.58   0.562    -.3431048    .1867177
                          2001 4  |   .0823375   .1356088     0.61   0.544    -.1841077    .3487827
                          2001 5  |   .1755832   .1249716     1.40   0.161    -.0699619    .4211284
                          2003 1  |   .2663463   .1893409     1.41   0.160     -.105672    .6383646
                          2003 2  |    .265538   .1723847     1.54   0.124    -.0731648    .6042407
                          2003 4  |    .178732    .165561     1.08   0.281    -.1465635    .5040274
                          2003 5  |   .2583223   .1691101     1.53   0.127    -.0739464     .590591
                          2004 1  |   .5514638    .245929     2.24   0.025     .0682607    1.034667
                          2004 2  |   .4332842   .2220269     1.95   0.052    -.0029559    .8695244
                          2004 4  |   .5464368   .2152007     2.54   0.011     .1236089    .9692648
                          2004 5  |   .5917333   .2172231     2.72   0.007     .1649318    1.018535
                          2005 1  |   .6069369   .2905897     2.09   0.037     .0359842     1.17789
                          2005 2  |   .4006987   .2751158     1.46   0.146    -.1398509    .9412482
                          2005 4  |   .7524994    .264089     2.85   0.005     .2336153    1.271383
                          2005 5  |   .6316496   .2563405     2.46   0.014     .1279899    1.135309
                          2006 1  |   .4965083   .3243736     1.53   0.126    -.1408232     1.13384
                          2006 2  |   .5702503   .3192789     1.79   0.075    -.0570712    1.197572
                          2006 4  |   .8277601   .2924059     2.83   0.005     .2532389    1.402281
                          2006 5  |   .6458636   .2884746     2.24   0.026     .0790665    1.212661
                                  |
          year#at_rankingp2003_xt |
                          1999 1  |  -.4040489   .1936915    -2.09   0.037    -.7846153   -.0234826
                          1999 2  |   .0940833   .2045788     0.46   0.646    -.3078745    .4960412
                          1999 4  |    .103841   .2338274     0.44   0.657    -.3555847    .5632667
                          1999 5  |   .6001301   .2938372     2.04   0.042     .0227967    1.177463
                          2000 1  |  -.0639381   .2066641    -0.31   0.757    -.4699933    .3421171
                          2000 2  |   .0028327   .1771881     0.02   0.987    -.3453078    .3509731
                          2000 4  |   .2240535   .2004936     1.12   0.264    -.1698777    .6179848
                          2000 5  |   .3199113   .2547095     1.26   0.210    -.1805438    .8203664
                          2001 1  |   .0700617   .1499802     0.47   0.641    -.2246206    .3647439
                          2001 2  |   .1141667   .1234768     0.92   0.356    -.1284414    .3567748
                          2001 4  |   .1587318    .152964     1.04   0.300     -.141813    .4592766
                          2001 5  |   .0193138   .1867056     0.10   0.918    -.3475268    .3861544
                          2003 1  |   .2149451    .169466     1.27   0.205    -.1180229    .5479131
                          2003 2  |   .2795227   .1569149     1.78   0.075    -.0287849    .5878303
                          2003 4  |   .0581391   .1769524     0.33   0.743    -.2895383    .4058164
                          2003 5  |  -.1716871   .1947788    -0.88   0.379      -.55439    .2110158
                          2004 1  |   .3372111   .2010221     1.68   0.094    -.0577585    .7321808
                          2004 2  |   .4109644   .2008665     2.05   0.041     .0163004    .8056284
                          2004 4  |   .3935123   .2341587     1.68   0.093    -.0665644    .8535891
                          2004 5  |   .4527386   .2566634     1.76   0.078    -.0515555    .9570327
                          2005 1  |   .1948891   .2731212     0.71   0.476    -.3417414    .7315196
                          2005 2  |   .4416454   .2589937     1.71   0.089    -.0672273     .950518
                          2005 4  |   .0266198   .2695645     0.10   0.921    -.5030224     .556262
                          2005 5  |   .0517767   .3117544     0.17   0.868    -.5607606    .6643141
                          2006 1  |   .2325089   .3029627     0.77   0.443    -.3627544    .8277722
                          2006 2  |   .4537579   .3024293     1.50   0.134    -.1404574    1.047973
                          2006 4  |    .143565    .312694     0.46   0.646    -.4708184    .7579485
                          2006 5  |  -.1530563   .3460062    -0.44   0.658    -.8328917    .5267791
                                  |
  year#tfn_io_max_rankingp2003_xt |
                          1999 1  |  -.0857454   .2386768    -0.36   0.720    -.5546993    .3832085
                          1999 2  |   .0167794   .2325132     0.07   0.942    -.4400643    .4736231
                          1999 4  |  -.1016713    .213363    -0.48   0.634    -.5208884    .3175458
                          1999 5  |   .0271025   .2229459     0.12   0.903    -.4109432    .4651482
                          2000 1  |   .1737306    .197197     0.88   0.379    -.2137236    .5611848
                          2000 2  |   .1621172   .1912507     0.85   0.397    -.2136535    .5378879
                          2000 4  |  -.0512473    .171201    -0.30   0.765    -.3876243    .2851296
                          2000 5  |   .2511106   .1683439     1.49   0.136    -.0796528     .581874
                          2001 1  |   .1550015   .1345001     1.15   0.250    -.1092652    .4192683
                          2001 2  |  -.0977474   .1341244    -0.73   0.466     -.361276    .1657813
                          2001 4  |   .0115366   .1168353     0.10   0.921    -.2180221    .2410954
                          2001 5  |   .0951012   .1194505     0.80   0.426    -.1395959    .3297984
                          2003 1  |   .3674498   .1731897     2.12   0.034     .0271654    .7077341
                          2003 2  |   .2340239   .1639747     1.43   0.154    -.0881547    .5562025
                          2003 4  |   .2162391   .1607245     1.35   0.179    -.0995536    .5320318
                          2003 5  |   .1553042   .1501419     1.03   0.301    -.1396957     .450304
                          2004 1  |   .3056088   .2276132     1.34   0.180    -.1416073    .7528249
                          2004 2  |   .1364883   .2026844     0.67   0.501    -.2617474    .5347241
                          2004 4  |   .0157305   .2113161     0.07   0.941    -.3994649    .4309259
                          2004 5  |   .2582824   .1997677     1.29   0.197    -.1342226    .6507873
                          2005 1  |   .4098137    .279101     1.47   0.143    -.1385661    .9581934
                          2005 2  |    .076663   .2693311     0.28   0.776    -.4525207    .6058467
                          2005 4  |   .2603623   .2571575     1.01   0.312    -.2449025    .7656272
                          2005 5  |   .2158843   .2443646     0.88   0.377    -.2642451    .6960136
                          2006 1  |   .5091195   .3161776     1.61   0.108    -.1121087    1.130348
                          2006 2  |   .1842166   .2966777     0.62   0.535     -.398698    .7671312
                          2006 4  |   .3210411   .2959374     1.08   0.279    -.2604188     .902501
                          2006 5  |   .2008954   .2803228     0.72   0.474    -.3498848    .7516756
                                  |
         year#lev_rankingp2003_xt |
                          1999 1  |    .243894    .256858     0.95   0.343    -.2607824    .7485704
                          1999 2  |   .0448781   .2335094     0.19   0.848    -.4139229     .503679
                          1999 4  |   .4966383   .2498536     1.99   0.047     .0057241    .9875525
                          1999 5  |   -.177669   .2731012    -0.65   0.516    -.7142601    .3589222
                          2000 1  |  -.0765792   .2148293    -0.36   0.722    -.4986773     .345519
                          2000 2  |  -.1115102   .1645742    -0.68   0.498    -.4348667    .2118464
                          2000 4  |   .4487961   .1872707     2.40   0.017     .0808454    .8167469
                          2000 5  |  -.2868405   .2267971    -1.26   0.207    -.7324531     .158772
                          2001 1  |   .0498921   .1624832     0.31   0.759     -.269356    .3691403
                          2001 2  |  -.0960754   .1237812    -0.78   0.438    -.3392816    .1471308
                          2001 4  |   .2094022    .136154     1.54   0.125    -.0581141    .4769184
                          2001 5  |  -.1183161   .1700834    -0.70   0.487    -.4524972     .215865
                          2003 1  |  -.2379358   .1809279    -1.32   0.189    -.5934242    .1175525
                          2003 2  |  -.2276555   .1628341    -1.40   0.163    -.5475931     .092282
                          2003 4  |   .0725563   .1938953     0.37   0.708    -.3084106    .4535233
                          2003 5  |   .2416945    .185366     1.30   0.193    -.1225139    .6059029
                          2004 1  |   .0611891   .2336015     0.26   0.793    -.3977929    .5201711
                          2004 2  |  -.2710085   .2164549    -1.25   0.211    -.6963007    .1542836
                          2004 4  |   .0256356   .2406258     0.11   0.915    -.4471477    .4984188
                          2004 5  |   .0484076   .2629679     0.18   0.854    -.4682737    .5650888
                          2005 1  |  -.1296198   .3223625    -0.40   0.688        -.763    .5037604
                          2005 2  |  -.3188336   .2689202    -1.19   0.236    -.8472099    .2095428
                          2005 4  |  -.2044652   .2879124    -0.71   0.478    -.7701576    .3612273
                          2005 5  |   -.177644   .3314337    -0.54   0.592    -.8288473    .4735592
                          2006 1  |  -.0219375   .3695858    -0.06   0.953    -.7481024    .7042273
                          2006 2  |  -.1753193   .3161139    -0.55   0.579    -.7964222    .4457837
                          2006 4  |   .1132743   .3309997     0.34   0.732    -.5370763    .7636249
                          2006 5  |   .0417409   .3591793     0.12   0.908    -.6639773     .747459
                                  |
        year#cash_rankingp2003_xt |
                          1999 1  |   .4457882   .2284349     1.95   0.052    -.0030424    .8946188
                          1999 2  |   .3879051    .242318     1.60   0.110     -.088203    .8640132
                          1999 4  |   .5518027    .235275     2.35   0.019     .0895326    1.014073
                          1999 5  |   .4574737   .2483296     1.84   0.066    -.0304461    .9453934
                          2000 1  |   .2193369   .1873836     1.17   0.242    -.1488358    .5875096
                          2000 2  |   .1548898   .1959095     0.79   0.430    -.2300346    .5398143
                          2000 4  |   .0404438    .206113     0.20   0.845    -.3645285    .4454161
                          2000 5  |   .1102582   .2118325     0.52   0.603    -.3059518    .5264683
                          2001 1  |   .1749334    .136565     1.28   0.201    -.0933905    .4432574
                          2001 2  |   .1232283   .1338664     0.92   0.358    -.1397934    .3862501
                          2001 4  |  -.1314382   .1497737    -0.88   0.381    -.4257147    .1628382
                          2001 5  |  -.0109232   .1384156    -0.08   0.937    -.2828831    .2610368
                          2003 1  |  -.0843839   .1709696    -0.49   0.622    -.4203062    .2515385
                          2003 2  |   .0483891   .1762851     0.27   0.784     -.297977    .3947553
                          2003 4  |  -.2007137   .1712065    -1.17   0.242    -.5371014     .135674
                          2003 5  |    .047428   .1685006     0.28   0.778    -.2836433    .3784992
                          2004 1  |   .1485946   .2092997     0.71   0.478    -.2626388    .5598281
                          2004 2  |   .0128338   .2317354     0.06   0.956    -.4424816    .4681491
                          2004 4  |  -.3475133   .2093394    -1.66   0.098    -.7588248    .0637982
                          2004 5  |    .065017    .216413     0.30   0.764    -.3601929    .4902269
                          2005 1  |   -.279233   .2576122    -1.08   0.279    -.7853913    .2269253
                          2005 2  |  -.1644967   .3009045    -0.55   0.585     -.755716    .4267226
                          2005 4  |   .1237779    .291328     0.42   0.671    -.4486254    .6961812
                          2005 5  |   .2828807    .278396     1.02   0.310    -.2641137    .8298751
                          2006 1  |  -.2403609   .3119924    -0.77   0.441    -.8533658     .372644
                          2006 2  |   .0230657   .3307399     0.07   0.944    -.6267745    .6729059
                          2006 4  |   .2500407   .3184405     0.79   0.433    -.3756334    .8757148
                          2006 5  |   .7220532    .306738     2.35   0.019     .1193722    1.324734
                                  |
                            _cons |   .5069174    .039698    12.77   0.000     .4289185    .5849162
----------------------------------+----------------------------------------------------------------
                          sigma_u |  2.0951805
                          sigma_e |  1.1335253
                              rho |  .77357595   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------------------

.         * + max director ownership;
.         eststo table4_4: xtreg kld_diff_nogov ib2002.year##(ib3.eg_slope_dd0_rankingp2003_xt ib3.at_rankingp2003_xt ib3.max_dirown_i_rankingp2003_xt ib3.lev_rankingp2003_xt ib3.cash_rankingp2003_xt)
>  if mainperiod, fe vce(cluster firmid);
note: 1.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 2.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 4.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 5.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 1.at_rankingp2003_xt omitted because of collinearity.
note: 2.at_rankingp2003_xt omitted because of collinearity.
note: 4.at_rankingp2003_xt omitted because of collinearity.
note: 5.at_rankingp2003_xt omitted because of collinearity.
note: 1.max_dirown_i_rankingp2003_xt omitted because of collinearity.
note: 2.max_dirown_i_rankingp2003_xt omitted because of collinearity.
note: 4.max_dirown_i_rankingp2003_xt omitted because of collinearity.
note: 5.max_dirown_i_rankingp2003_xt omitted because of collinearity.
note: 1.lev_rankingp2003_xt omitted because of collinearity.
note: 2.lev_rankingp2003_xt omitted because of collinearity.
note: 4.lev_rankingp2003_xt omitted because of collinearity.
note: 5.lev_rankingp2003_xt omitted because of collinearity.
note: 1.cash_rankingp2003_xt omitted because of collinearity.
note: 2.cash_rankingp2003_xt omitted because of collinearity.
note: 4.cash_rankingp2003_xt omitted because of collinearity.
note: 5.cash_rankingp2003_xt omitted because of collinearity.

Fixed-effects (within) regression               Number of obs     =      3,397
Group variable: firmid                          Number of groups  =        458

R-squared:                                      Obs per group:
     Within  = 0.1100                                         min =          2
     Between = 0.0004                                         avg =        7.4
     Overall = 0.0212                                         max =          8

                                                F(147,457)        =       2.47
corr(u_i, Xb) = -0.0325                         Prob > F          =     0.0000

                                                    (Std. err. adjusted for 458 clusters in firmid)
---------------------------------------------------------------------------------------------------
                                  |               Robust
                   kld_diff_nogov | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------------------+----------------------------------------------------------------
                             year |
                            1999  |   -.537027   .3220021    -1.67   0.096    -1.169815    .0957613
                            2000  |   .0682652   .2468815     0.28   0.782    -.4168986     .553429
                            2001  |  -.1511207   .1970606    -0.77   0.444    -.5383779    .2361365
                            2003  |  -.1690331   .2769796    -0.61   0.542    -.7133446    .3752784
                            2004  |  -.6047723     .37918    -1.59   0.111    -1.349925    .1403803
                            2005  |  -.3973696   .4162863    -0.95   0.340    -1.215442    .4207032
                            2006  |  -.8866589    .483037    -1.84   0.067    -1.835908    .0625901
                                  |
     eg_slope_dd0_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
               at_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
     max_dirown_i_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
              lev_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
             cash_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
year#eg_slope_dd0_rankingp2003_xt |
                          1999 1  |  -.1052776   .2772477    -0.38   0.704    -.6501161    .4395609
                          1999 2  |   .1095836   .2426881     0.45   0.652    -.3673393    .5865066
                          1999 4  |   .1880484   .2569976     0.73   0.465    -.3169952    .6930921
                          1999 5  |   .4408911   .2356374     1.87   0.062    -.0221761    .9039582
                          2000 1  |  -.0678264   .2103802    -0.32   0.747    -.4812588    .3456061
                          2000 2  |  -.0217318   .1728897    -0.13   0.900    -.3614891    .3180256
                          2000 4  |   .0799625   .1895028     0.42   0.673    -.2924424    .4523674
                          2000 5  |   .3170685   .1736444     1.83   0.069    -.0241719     .658309
                          2001 1  |   .0503243   .1699276     0.30   0.767    -.2836121    .3842608
                          2001 2  |  -.0262287   .1394667    -0.19   0.851    -.3003043    .2478469
                          2001 4  |   .1474143   .1440643     1.02   0.307    -.1356963    .4305249
                          2001 5  |   .2531502   .1312739     1.93   0.054    -.0048251    .5111255
                          2003 1  |   .3118052   .2045907     1.52   0.128    -.0902501    .7138605
                          2003 2  |   .3024832   .1740837     1.74   0.083    -.0396206     .644587
                          2003 4  |   .1851879    .166287     1.11   0.266    -.1415941      .51197
                          2003 5  |     .24994   .1834747     1.36   0.174    -.1106187    .6104987
                          2004 1  |   .5847759   .2649029     2.21   0.028      .064197    1.105355
                          2004 2  |   .4820662   .2286021     2.11   0.036     .0328247    .9313078
                          2004 4  |   .6120758    .216131     2.83   0.005      .187342     1.03681
                          2004 5  |    .558055   .2339037     2.39   0.017     .0983948    1.017715
                          2005 1  |   .5734785   .3149633     1.82   0.069    -.0454775    1.192434
                          2005 2  |    .379574   .2839214     1.34   0.182    -.1783793    .9375273
                          2005 4  |   .7968054   .2704983     2.95   0.003     .2652306     1.32838
                          2005 5  |   .4832638   .2702018     1.79   0.074    -.0477283    1.014256
                          2006 1  |   .4213138    .344876     1.22   0.222    -.2564256    1.099053
                          2006 2  |   .5520656    .329183     1.68   0.094    -.0948345    1.198966
                          2006 4  |   .7898789   .3067052     2.58   0.010     .1871515    1.392606
                          2006 5  |   .4261488   .2999747     1.42   0.156     -.163352     1.01565
                                  |
          year#at_rankingp2003_xt |
                          1999 1  |  -.2101562   .2014885    -1.04   0.297     -.606115    .1858026
                          1999 2  |   .2072629   .2127295     0.97   0.330    -.2107863    .6253122
                          1999 4  |   .2290836   .2360316     0.97   0.332    -.2347582    .6929254
                          1999 5  |   .6624689    .304064     2.18   0.030     .0649319    1.260006
                          2000 1  |  -.0537343   .2065734    -0.26   0.795    -.4596858    .3522172
                          2000 2  |   .0648511   .1789677     0.36   0.717    -.2868506    .4165528
                          2000 4  |   .3083494   .2011701     1.53   0.126    -.0869837    .7036825
                          2000 5  |   .3486769   .2690369     1.30   0.196    -.1800259    .8773798
                          2001 1  |   .0411547   .1528371     0.27   0.788     -.259196    .3415054
                          2001 2  |   .1105576   .1286563     0.86   0.391    -.1422736    .3633888
                          2001 4  |   .1546427   .1568886     0.99   0.325    -.1536697    .4629551
                          2001 5  |   .0379272   .1961721     0.19   0.847    -.3475841    .4234386
                          2003 1  |   .2300059   .1764321     1.30   0.193    -.1167129    .5767248
                          2003 2  |   .2788741   .1652464     1.69   0.092     -.045863    .6036112
                          2003 4  |   .1194408   .1900449     0.63   0.530    -.2540295     .492911
                          2003 5  |  -.0270939   .2158984    -0.13   0.900    -.4513706    .3971828
                          2004 1  |   .3144317   .2059869     1.53   0.128    -.0903673    .7192306
                          2004 2  |   .4022606   .2115269     1.90   0.058    -.0134255    .8179467
                          2004 4  |   .4252046   .2487697     1.71   0.088    -.0636699     .914079
                          2004 5  |   .5222052   .2776732     1.88   0.061    -.0234695     1.06788
                          2005 1  |   .3001108   .2692985     1.11   0.266    -.2291062    .8293277
                          2005 2  |   .4708006   .2689947     1.75   0.081    -.0578193    .9994205
                          2005 4  |   .0231649    .285578     0.08   0.935     -.538044    .5843739
                          2005 5  |   .1431293   .3380842     0.42   0.672    -.5212631    .8075217
                          2006 1  |   .3111581   .2998354     1.04   0.300    -.2780691    .9003853
                          2006 2  |   .5075025   .3036464     1.67   0.095    -.0892138    1.104219
                          2006 4  |   .1610903   .3298165     0.49   0.625    -.4870547    .8092353
                          2006 5  |   .0042434   .3750153     0.01   0.991    -.7327249    .7412117
                                  |
year#max_dirown_i_rankingp2003_xt |
                          1999 1  |   .3612746   .2552088     1.42   0.158    -.1402537    .8628029
                          1999 2  |  -.0636174   .2180444    -0.29   0.771    -.4921113    .3648765
                          1999 4  |  -.0466477    .239372    -0.19   0.846     -.517054    .4237586
                          1999 5  |   .0555475   .2321167     0.24   0.811    -.4006008    .5116959
                          2000 1  |   .1564846   .2178205     0.72   0.473    -.2715693    .5845385
                          2000 2  |  -.2429912   .1795789    -1.35   0.177     -.595894    .1099116
                          2000 4  |  -.1237221   .1788808    -0.69   0.490     -.475253    .2278089
                          2000 5  |  -.3492812   .1980835    -1.76   0.079    -.7385486    .0399862
                          2001 1  |   .0691388   .1662018     0.42   0.678    -.2574756    .3957533
                          2001 2  |  -.0614472   .1367594    -0.45   0.653    -.3302025    .2073081
                          2001 4  |  -.0995473   .1207432    -0.82   0.410    -.3368281    .1377335
                          2001 5  |   -.147355   .1598074    -0.92   0.357    -.4614035    .1666934
                          2003 1  |   -.394192   .1994093    -1.98   0.049     -.786065   -.0023191
                          2003 2  |  -.0844067   .1836683    -0.46   0.646    -.4453459    .2765324
                          2003 4  |    -.33372   .1516949    -2.20   0.028    -.6318261   -.0356139
                          2003 5  |  -.3803368    .165569    -2.30   0.022    -.7057079   -.0549657
                          2004 1  |  -.3464724   .2634187    -1.32   0.189    -.8641346    .1711897
                          2004 2  |   -.224149   .2361109    -0.95   0.343    -.6881468    .2398487
                          2004 4  |  -.3734185   .2053423    -1.82   0.070    -.7769508    .0301138
                          2004 5  |  -.3267591   .2181421    -1.50   0.135     -.755445    .1019268
                          2005 1  |  -.1191098   .3103439    -0.38   0.701    -.7289878    .4907682
                          2005 2  |  -.2832032   .2844153    -1.00   0.320    -.8421272    .2757208
                          2005 4  |  -.5116572   .2660932    -1.92   0.055    -1.034575    .0112607
                          2005 5  |    -.41248   .2765987    -1.49   0.137    -.9560429     .131083
                          2006 1  |  -.2401298   .3659061    -0.66   0.512    -.9591969    .4789373
                          2006 2  |   -.342006    .322165    -1.06   0.289    -.9751145    .2911025
                          2006 4  |  -.5252738   .2994703    -1.75   0.080    -1.113783    .0632357
                          2006 5  |  -.1680727   .3112102    -0.54   0.589    -.7796531    .4435077
                                  |
         year#lev_rankingp2003_xt |
                          1999 1  |    .099435   .2522885     0.39   0.694    -.3963545    .5952245
                          1999 2  |  -.0628691   .2331078    -0.27   0.788    -.5209652     .395227
                          1999 4  |   .5199103   .2541325     2.05   0.041     .0204972    1.019323
                          1999 5  |  -.2016026    .296278    -0.68   0.497    -.7838388    .3806335
                          2000 1  |  -.0492978   .2191478    -0.22   0.822    -.4799601    .3813646
                          2000 2  |   -.177947   .1664855    -1.07   0.286     -.505119    .1492251
                          2000 4  |   .5021606   .1915237     2.62   0.009     .1257842    .8785369
                          2000 5  |  -.2343289   .2454478    -0.95   0.340    -.7166752    .2480174
                          2001 1  |   .0990959   .1683077     0.59   0.556    -.2316571     .429849
                          2001 2  |  -.1023072   .1314214    -0.78   0.437    -.3605724    .1559579
                          2001 4  |   .1833323   .1427019     1.28   0.200    -.0971011    .4637657
                          2001 5  |  -.1212659   .1851263    -0.66   0.513    -.4850703    .2425386
                          2003 1  |  -.1335675   .1870962    -0.71   0.476     -.501243     .234108
                          2003 2  |  -.1693304   .1707578    -0.99   0.322    -.5048983    .1662375
                          2003 4  |    .069782   .2038914     0.34   0.732    -.3308989    .4704628
                          2003 5  |   .2361745   .2002455     1.18   0.239    -.1573416    .6296907
                          2004 1  |   .0716798   .2468367     0.29   0.772    -.4133959    .5567555
                          2004 2  |  -.2078467   .2297269    -0.90   0.366    -.6592986    .2436053
                          2004 4  |   .0342772   .2551503     0.13   0.893     -.467136    .5356905
                          2004 5  |   .0290629    .279001     0.10   0.917    -.5192211     .577347
                          2005 1  |  -.1896137   .3255103    -0.58   0.561    -.8292963    .4500689
                          2005 2  |   -.258776   .2786881    -0.93   0.354     -.806445    .2888931
                          2005 4  |   -.322966   .3058353    -1.06   0.292    -.9239838    .2780519
                          2005 5  |  -.1568923   .3614675    -0.43   0.664    -.8672369    .5534524
                          2006 1  |  -.0745913   .3700244    -0.20   0.840    -.8017517    .6525691
                          2006 2  |  -.1037489   .3353728    -0.31   0.757     -.762813    .5553152
                          2006 4  |   .0656486    .352234     0.19   0.852    -.6265505    .7578478
                          2006 5  |  -.0020257   .4028317    -0.01   0.996    -.7936578    .7896063
                                  |
        year#cash_rankingp2003_xt |
                          1999 1  |   .5475027   .2309277     2.37   0.018     .0936909    1.001315
                          1999 2  |   .4548737   .2474548     1.84   0.067    -.0314168    .9411641
                          1999 4  |   .5286919   .2387939     2.21   0.027     .0594216    .9979622
                          1999 5  |   .6046157   .2346156     2.58   0.010     .1435564    1.065675
                          2000 1  |   .3087709   .1881246     1.64   0.101    -.0609257    .6784675
                          2000 2  |   .2101954   .1986239     1.06   0.290    -.1801342    .6005249
                          2000 4  |   .0321613   .2095957     0.15   0.878    -.3797297    .4440522
                          2000 5  |   .1343904   .2020452     0.67   0.506    -.2626623    .5314432
                          2001 1  |   .2234937   .1411992     1.58   0.114    -.0539865    .5009738
                          2001 2  |   .1280581   .1356252     0.94   0.346    -.1384682    .3945844
                          2001 4  |  -.1621884   .1586592    -1.02   0.307    -.4739803    .1496036
                          2001 5  |  -.0362536   .1366118    -0.27   0.791    -.3047189    .2322117
                          2003 1  |  -.0217898   .1765786    -0.12   0.902    -.3687965    .3252168
                          2003 2  |   .0598215   .1825023     0.33   0.743    -.2988262    .4184692
                          2003 4  |  -.2080965   .1781348    -1.17   0.243    -.5581615    .1419684
                          2003 5  |   .0264875    .173717     0.15   0.879    -.3148956    .3678706
                          2004 1  |   .2220875   .2195291     1.01   0.312     -.209324    .6534991
                          2004 2  |   .0440871   .2395101     0.18   0.854    -.4265907    .5147649
                          2004 4  |  -.3251349   .2174985    -1.49   0.136    -.7525561    .1022863
                          2004 5  |   .1443829   .2232481     0.65   0.518    -.2943372     .583103
                          2005 1  |  -.2889329   .2583921    -1.12   0.264     -.796717    .2188511
                          2005 2  |  -.2428505   .3061432    -0.79   0.428    -.8444735    .3587724
                          2005 4  |   .1516968   .3046587     0.50   0.619    -.4470089    .7504025
                          2005 5  |   .2639857   .2827597     0.93   0.351    -.2916847    .8196561
                          2006 1  |  -.2118252   .3155337    -0.67   0.502    -.8319022    .4082518
                          2006 2  |  -.0760726   .3357278    -0.23   0.821    -.7358343    .5836892
                          2006 4  |   .3320725   .3355793     0.99   0.323    -.3273973    .9915423
                          2006 5  |   .6582745    .310839     2.12   0.035     .0474234    1.269126
                                  |
                            _cons |   .5300851   .0412546    12.85   0.000     .4490129    .6111573
----------------------------------+----------------------------------------------------------------
                          sigma_u |  2.1013077
                          sigma_e |  1.1366942
                              rho |  .77362097   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------------------

.                 esttab * using output/table4.csv , replace r2 scalars(N_clust) nobase noomit sfmt(a3) `esttabopt';
(file output/table4.csv not found)
(output written to output/table4.csv)

.         * table 5;
.         eststo clear;

.         use `file', clear;

.         local vars "com_diff div_diff emp_diff env_diff pro_diff";

.         foreach var of local vars {;
  2.                 eststo c_`var': quietly xtreg `var' ib2002.year##(ib3.eg_slope_dd0_rankingp2003_xt ib3.at_rankingp2003_xt) if mainperiod, fe vce(cluster firmid);
  3.         };

.         esttab * using output/table5.csv , replace r2 scalars(N_clust) nobase noomit sfmt(a3) `esttabopt';
(file output/table5.csv not found)
(output written to output/table5.csv)

. * table 6;
.         * panel A;
.         use `uioxfam', clear;

.         pwcorr max_ben_rank oxfam_score_rank oxfam_score_wage_rank oxfam_score_prot_rank oxfam_score_rtorg_rank if year == 2002;

             | max_be~k ~re_rank ~ge_rank o~t_rank o~g_rank
-------------+---------------------------------------------
max_ben_rank |   1.0000 
oxfa~re_rank |   0.5507   1.0000 
oxfa~ge_rank |   0.2714   0.8091   1.0000 
oxfam~t_rank |   0.5154   0.8217   0.6295   1.0000 
oxfam~g_rank |   0.6119   0.9035   0.5631   0.6685   1.0000 

.                 * panels B, C;
.         eststo clear;

.         use `file', clear;

.                 eststo table6B_1: xtreg kld_diff_nogov ib2002.year##(ib3.eg_slope_dd0_rankingp2003_xt ib3.at_rankingp2003_xt ib3.lev_rankingp2003_xt ib3.cash_rankingp2003_xt) if mainperiod & max_ben
> _rankingp2003_xt3 == 3, fe vce(cluster firmid);
note: 1.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 2.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 4.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 5.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 1.at_rankingp2003_xt omitted because of collinearity.
note: 2.at_rankingp2003_xt omitted because of collinearity.
note: 4.at_rankingp2003_xt omitted because of collinearity.
note: 5.at_rankingp2003_xt omitted because of collinearity.
note: 1.lev_rankingp2003_xt omitted because of collinearity.
note: 2.lev_rankingp2003_xt omitted because of collinearity.
note: 4.lev_rankingp2003_xt omitted because of collinearity.
note: 5.lev_rankingp2003_xt omitted because of collinearity.
note: 1.cash_rankingp2003_xt omitted because of collinearity.
note: 2.cash_rankingp2003_xt omitted because of collinearity.
note: 4.cash_rankingp2003_xt omitted because of collinearity.
note: 5.cash_rankingp2003_xt omitted because of collinearity.

Fixed-effects (within) regression               Number of obs     =      1,691
Group variable: firmid                          Number of groups  =        225

R-squared:                                      Obs per group:
     Within  = 0.1246                                         min =          3
     Between = 0.0000                                         avg =        7.5
     Overall = 0.0175                                         max =          8

                                                F(119,224)        =       2.89
corr(u_i, Xb) = -0.0851                         Prob > F          =     0.0000

                                                    (Std. err. adjusted for 225 clusters in firmid)
---------------------------------------------------------------------------------------------------
                                  |               Robust
                   kld_diff_nogov | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------------------+----------------------------------------------------------------
                             year |
                            1999  |   .2469669   .4136114     0.60   0.551    -.5681003    1.062034
                            2000  |   .4561179   .3743402     1.22   0.224     -.281561    1.193797
                            2001  |   .2141525   .2743865     0.78   0.436    -.3265565    .7548615
                            2003  |  -.3082348     .33396    -0.92   0.357    -.9663401    .3498704
                            2004  |  -1.506513   .4433294    -3.40   0.001    -2.380143   -.6328837
                            2005  |  -.3021829   .5763598    -0.52   0.601    -1.437964     .833598
                            2006  |    -.94959   .7587738    -1.25   0.212    -2.444838     .545658
                                  |
     eg_slope_dd0_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
               at_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
              lev_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
             cash_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
year#eg_slope_dd0_rankingp2003_xt |
                          1999 1  |  -.6751893   .4233939    -1.59   0.112    -1.509534    .1591554
                          1999 2  |  -.3824022   .3413666    -1.12   0.264    -1.055103    .2902986
                          1999 4  |  -.4073322   .3622515    -1.12   0.262    -1.121189    .3065245
                          1999 5  |  -.0611965   .3270744    -0.19   0.852    -.7057329    .5833399
                          2000 1  |  -.3286601   .3602261    -0.91   0.363    -1.038526    .3812054
                          2000 2  |  -.1892584    .251333    -0.75   0.452     -.684538    .3060212
                          2000 4  |  -.2204862   .2811117    -0.78   0.434     -.774448    .3334757
                          2000 5  |  -.0284852   .3020957    -0.09   0.925    -.6237982    .5668278
                          2001 1  |  -.1488123   .2869782    -0.52   0.605    -.7143348    .4167101
                          2001 2  |  -.0989818   .2157902    -0.46   0.647    -.5242203    .3262566
                          2001 4  |  -.1176865   .2233611    -0.53   0.599    -.5578443    .3224712
                          2001 5  |  -.0793059   .2002162    -0.40   0.692    -.4738542    .3152423
                          2003 1  |   .0895873   .2994033     0.30   0.765      -.50042    .6795947
                          2003 2  |  -.0702583   .2412585    -0.29   0.771     -.545685    .4051683
                          2003 4  |  -.1423161    .233704    -0.61   0.543    -.6028557    .3182235
                          2003 5  |  -.0571795   .2187589    -0.26   0.794    -.4882681    .3739091
                          2004 1  |   .5054459   .4039151     1.25   0.212    -.2905137    1.301406
                          2004 2  |   .1634412   .3141194     0.52   0.603    -.4555659    .7824483
                          2004 4  |   .5426255   .3230688     1.68   0.094    -.0940174    1.179268
                          2004 5  |   .5544995   .3035884     1.83   0.069    -.0437552    1.152754
                          2005 1  |  -.0477149   .4311518    -0.11   0.912    -.8973473    .8019176
                          2005 2  |  -.2828962   .3957723    -0.71   0.475     -1.06281    .4970171
                          2005 4  |   .0552073   .4005552     0.14   0.891    -.7341313    .8445458
                          2005 5  |   .1806561    .403963     0.45   0.655    -.6153978      .97671
                          2006 1  |  -.3449191    .548986    -0.63   0.530    -1.426757    .7369187
                          2006 2  |  -.2479623   .4884291    -0.51   0.612    -1.210466    .7145414
                          2006 4  |   .1216873   .4583362     0.27   0.791     -.781515     1.02489
                          2006 5  |   .2028858   .4871381     0.42   0.677    -.7570739    1.162846
                                  |
          year#at_rankingp2003_xt |
                          1999 1  |  -1.002041   .3082967    -3.25   0.001    -1.609574   -.3945081
                          1999 2  |  -.5168807   .3285194    -1.57   0.117    -1.164265    .1305033
                          1999 4  |  -.0205965   .3495212    -0.06   0.953    -.7093667    .6681738
                          1999 5  |   .3460762   .3808044     0.91   0.364    -.4043412    1.096494
                          2000 1  |  -.6895703   .3783037    -1.82   0.070     -1.43506    .0559192
                          2000 2  |  -.5206911   .3058242    -1.70   0.090    -1.123352    .0819694
                          2000 4  |   .0085472   .3158544     0.03   0.978    -.6138789    .6309733
                          2000 5  |   .0989502   .4112468     0.24   0.810    -.7114573    .9093577
                          2001 1  |  -.0837695    .217057    -0.39   0.700    -.5115043    .3439654
                          2001 2  |  -.2799011   .1978411    -1.41   0.159     -.669769    .1099668
                          2001 4  |   .1313967   .2358334     0.56   0.578    -.3333393    .5961326
                          2001 5  |  -.1118739   .2888407    -0.39   0.699    -.6810666    .4573189
                          2003 1  |   .3483707   .2541411     1.37   0.172    -.1524425    .8491839
                          2003 2  |    .184898   .2344813     0.79   0.431    -.2771735    .6469695
                          2003 4  |   .0153504   .2393728     0.06   0.949    -.4563602    .4870609
                          2003 5  |   -.001076   .2708821    -0.00   0.997    -.5348792    .5327273
                          2004 1  |   .5820377   .3410121     1.71   0.089    -.0899644     1.25404
                          2004 2  |    .549473   .3005554     1.83   0.069    -.0428048    1.141751
                          2004 4  |   .6505914   .3219328     2.02   0.044      .016187    1.284996
                          2004 5  |   .7972974   .3686394     2.16   0.032     .0708526    1.523742
                          2005 1  |  -.0436772   .4348309    -0.10   0.920    -.9005596    .8132053
                          2005 2  |  -.0411292   .3819083    -0.11   0.914    -.7937218    .7114634
                          2005 4  |  -.0622155   .4219388    -0.15   0.883    -.8936927    .7692617
                          2005 5  |   .5517252    .451724     1.22   0.223    -.3384471    1.441897
                          2006 1  |   .0473093   .5059957     0.09   0.926    -.9498114     1.04443
                          2006 2  |  -.0644828   .4620674    -0.14   0.889    -.9750379    .8460723
                          2006 4  |   .0469992    .547628     0.09   0.932    -1.032163    1.126161
                          2006 5  |   .6521684    .573542     1.14   0.257    -.4780598    1.782397
                                  |
         year#lev_rankingp2003_xt |
                          1999 1  |   .8597191   .3752546     2.29   0.023     .1202383      1.5992
                          1999 2  |   .0133511   .3262934     0.04   0.967    -.6296463    .6563485
                          1999 4  |   .5208483   .3445126     1.51   0.132     -.158052    1.199749
                          1999 5  |  -.0797851   .4102509    -0.19   0.846    -.8882299    .7286598
                          2000 1  |   .7237703   .3866324     1.87   0.063    -.0381317    1.485672
                          2000 2  |  -.1375602   .2790706    -0.49   0.623    -.6874998    .4123794
                          2000 4  |   .4010004   .2706794     1.48   0.140    -.1324034    .9344042
                          2000 5  |   -.238283   .3616299    -0.66   0.511    -.9509148    .4743489
                          2001 1  |   .2555789   .2586563     0.99   0.324     -.254132    .7652898
                          2001 2  |  -.1177402   .2105351    -0.56   0.577     -.532623    .2971426
                          2001 4  |   .2135734   .1988689     1.07   0.284    -.1783199    .6054667
                          2001 5  |  -.1681009   .2857946    -0.59   0.557    -.7312908     .395089
                          2003 1  |   .1002558   .2767976     0.36   0.718    -.4452046    .6457162
                          2003 2  |   -.144601   .2271786    -0.64   0.525    -.5922817    .3030797
                          2003 4  |   .4291244   .2430813     1.77   0.079    -.0498943    .9081431
                          2003 5  |     .41942   .2824412     1.48   0.139    -.1371617    .9760017
                          2004 1  |   .8166847   .3791365     2.15   0.032     .0695541    1.563815
                          2004 2  |   .1507911   .2994945     0.50   0.615     -.439396    .7409782
                          2004 4  |   .8110873   .3156858     2.57   0.011     .1889934    1.433181
                          2004 5  |   .4684126   .3890359     1.20   0.230    -.2982257    1.235051
                          2005 1  |   .6965265   .5487064     1.27   0.206    -.3847604    1.777813
                          2005 2  |   -.122556   .3887767    -0.32   0.753    -.8886836    .6435717
                          2005 4  |   .1106456   .4180216     0.26   0.791    -.7131124    .9344036
                          2005 5  |  -.1002496   .5098551    -0.20   0.844    -1.104976    .9044765
                          2006 1  |   .5123663    .638927     0.80   0.423    -.7467103    1.771443
                          2006 2  |   .1479405   .5084619     0.29   0.771    -.8540401    1.149921
                          2006 4  |   .7056188   .5169377     1.36   0.174    -.3130643    1.724302
                          2006 5  |  -.1016951   .6142823    -0.17   0.869    -1.312207    1.108816
                                  |
        year#cash_rankingp2003_xt |
                          1999 1  |   .7756467   .3842075     2.02   0.045     .0185232     1.53277
                          1999 2  |   .1097025   .3296485     0.33   0.740    -.5399065    .7593115
                          1999 4  |   .6125432   .3418387     1.79   0.074    -.0610879    1.286174
                          1999 5  |  -.0288544   .3426034    -0.08   0.933    -.7039925    .6462836
                          2000 1  |   .5414845   .3316722     1.63   0.104    -.1121124    1.195081
                          2000 2  |  -.1621092   .3017636    -0.54   0.592    -.7567678    .4325494
                          2000 4  |   .2518047   .3235207     0.78   0.437    -.3857287    .8893381
                          2000 5  |  -.2558528   .3778461    -0.68   0.499     -1.00044    .4887348
                          2001 1  |   .2086677   .2162423     0.96   0.336    -.2174618    .6347971
                          2001 2  |  -.0719729    .208636    -0.34   0.730    -.4831134    .3391676
                          2001 4  |   -.028079   .2210284    -0.13   0.899    -.4636399    .4074819
                          2001 5  |   -.196185   .2380997    -0.82   0.411    -.6653868    .2730169
                          2003 1  |   .0478324   .2113273     0.23   0.821    -.3686115    .4642762
                          2003 2  |  -.0851015   .2499263    -0.34   0.734     -.577609     .407406
                          2003 4  |  -.0251667   .2111513    -0.12   0.905    -.4412638    .3909303
                          2003 5  |  -.1063544   .2579958    -0.41   0.681    -.6147637    .4020548
                          2004 1  |   .2642913   .2659187     0.99   0.321    -.2597309    .7883135
                          2004 2  |  -.1056859   .3328493    -0.32   0.751    -.7616023    .5502305
                          2004 4  |  -.0311895   .2568768    -0.12   0.903    -.5373938    .4750148
                          2004 5  |  -.0983909   .3384623    -0.29   0.772    -.7653685    .5685866
                          2005 1  |  -.0927751   .3604915    -0.26   0.797    -.8031635    .6176134
                          2005 2  |   -.466421   .4602865    -1.01   0.312    -1.373467    .4406246
                          2005 4  |   .3926527   .4254099     0.92   0.357    -.4456648     1.23097
                          2005 5  |  -.4091593   .4557812    -0.90   0.370    -1.307327    .4890082
                          2006 1  |  -.1766454   .4665339    -0.38   0.705    -1.096002    .7427114
                          2006 2  |  -.1619269   .5456631    -0.30   0.767    -1.237217    .9133628
                          2006 4  |   .6448626   .4751062     1.36   0.176    -.2913869    1.581112
                          2006 5  |   .2534526     .52462     0.48   0.629    -.7803693    1.287274
                                  |
                            _cons |   .7487891   .0599176    12.50   0.000     .6307149    .8668634
----------------------------------+----------------------------------------------------------------
                          sigma_u |  2.0120551
                          sigma_e |  1.1691673
                              rho |  .74757673   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------------------

.         eststo table6B_2: xtreg kld_diff_nogov ib2002.year##(ib3.eg_slope_dd0_rankingp2003_xt ib3.at_rankingp2003_xt ib3.lev_rankingp2003_xt ib3.cash_rankingp2003_xt) if mainperiod & max_ben_ranking
> p2003_xt3 == 1, fe vce(cluster firmid);
note: 1.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 2.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 4.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 5.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 1.at_rankingp2003_xt omitted because of collinearity.
note: 2.at_rankingp2003_xt omitted because of collinearity.
note: 4.at_rankingp2003_xt omitted because of collinearity.
note: 5.at_rankingp2003_xt omitted because of collinearity.
note: 1.lev_rankingp2003_xt omitted because of collinearity.
note: 2.lev_rankingp2003_xt omitted because of collinearity.
note: 4.lev_rankingp2003_xt omitted because of collinearity.
note: 5.lev_rankingp2003_xt omitted because of collinearity.
note: 1.cash_rankingp2003_xt omitted because of collinearity.
note: 2.cash_rankingp2003_xt omitted because of collinearity.
note: 4.cash_rankingp2003_xt omitted because of collinearity.
note: 5.cash_rankingp2003_xt omitted because of collinearity.

Fixed-effects (within) regression               Number of obs     =        640
Group variable: firmid                          Number of groups  =         86

R-squared:                                      Obs per group:
     Within  = 0.2652                                         min =          3
     Between = 0.0005                                         avg =        7.4
     Overall = 0.0485                                         max =          8

                                                F(85,85)          =          .
corr(u_i, Xb) = -0.0945                         Prob > F          =          .

                                                     (Std. err. adjusted for 86 clusters in firmid)
---------------------------------------------------------------------------------------------------
                                  |               Robust
                   kld_diff_nogov | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------------------+----------------------------------------------------------------
                             year |
                            1999  |  -.4773425   .4950758    -0.96   0.338    -1.461686    .5070007
                            2000  |   .0291966   .4084376     0.07   0.943    -.7828867    .8412799
                            2001  |   .1148066   .3256831     0.35   0.725    -.5327387    .7623519
                            2003  |  -.2657157   .5912839    -0.45   0.654    -1.441346     .909915
                            2004  |  -.4299412   .6401236    -0.67   0.504    -1.702678     .842796
                            2005  |  -.6651489    .784033    -0.85   0.399    -2.224017    .8937189
                            2006  |  -.6154971   .6973635    -0.88   0.380    -2.002042    .7710483
                                  |
     eg_slope_dd0_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
               at_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
              lev_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
             cash_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
year#eg_slope_dd0_rankingp2003_xt |
                          1999 1  |   .2514174    .578082     0.43   0.665    -.8979645    1.400799
                          1999 2  |   .7536376   .5815061     1.30   0.198    -.4025523    1.909828
                          1999 4  |   .1623493    .457043     0.36   0.723    -.7463747    1.071073
                          1999 5  |   .5380216   .4394683     1.22   0.224     -.335759    1.411802
                          2000 1  |   .2004192   .3914446     0.51   0.610    -.5778776     .978716
                          2000 2  |   .1099844   .4120315     0.27   0.790    -.7092446    .9292133
                          2000 4  |  -.2414591   .3174767    -0.76   0.449    -.8726879    .3897696
                          2000 5  |   .2597549   .3431488     0.76   0.451    -.4225169    .9420267
                          2001 1  |   .1581049   .3296329     0.48   0.633    -.4972936    .8135033
                          2001 2  |  -.1293832   .3141332    -0.41   0.681    -.7539642    .4951979
                          2001 4  |  -.1389621   .2949598    -0.47   0.639    -.7254212     .447497
                          2001 5  |   .2169978   .2867765     0.76   0.451    -.3531906    .7871863
                          2003 1  |   .5434367   .5281019     1.03   0.306    -.5065713    1.593445
                          2003 2  |   .7902785   .5841332     1.35   0.180    -.3711348    1.951692
                          2003 4  |   .4815084   .4717507     1.02   0.310    -.4564582    1.419475
                          2003 5  |   .4590392   .5221079     0.88   0.382    -.5790512     1.49713
                          2004 1  |   1.762919   .6300819     2.80   0.006      .510147     3.01569
                          2004 2  |   1.649459   .5471074     3.01   0.003     .5616624    2.737255
                          2004 4  |   1.086548   .5119733     2.12   0.037     .0686082    2.104488
                          2004 5  |   1.088505   .5841146     1.86   0.066    -.0728715    2.249881
                          2005 1  |   1.495446   .7518073     1.99   0.050     .0006514     2.99024
                          2005 2  |    1.74783   .6510302     2.68   0.009     .4534076    3.042253
                          2005 4  |   1.769585   .5851016     3.02   0.003     .6062467    2.932924
                          2005 5  |    .887404   .6819575     1.30   0.197    -.4685102    2.243318
                          2006 1  |   1.486168    .845202     1.76   0.082    -.1943199    3.166656
                          2006 2  |   1.979541   .7376098     2.68   0.009     .5129751    3.446107
                          2006 4  |   1.461218   .6979242     2.09   0.039     .0735578    2.848878
                          2006 5  |   .3485233   .6404605     0.54   0.588    -.9248838     1.62193
                                  |
          year#at_rankingp2003_xt |
                          1999 1  |  -.3211144   .4146995    -0.77   0.441    -1.145648    .5034192
                          1999 2  |  -.8927676   .5967729    -1.50   0.138    -2.079312    .2937767
                          1999 4  |  -.0544062   .4717119    -0.12   0.908    -.9922958    .8834834
                          1999 5  |   1.133944   .8379542     1.35   0.180    -.5321332    2.800021
                          2000 1  |  -.0587961   .3752887    -0.16   0.876    -.8049705    .6873784
                          2000 2  |  -.2320523   .3096876    -0.75   0.456    -.8477942    .3836896
                          2000 4  |   .0896788   .4041869     0.22   0.825     -.713953    .8933105
                          2000 5  |   .2191903   .5434105     0.40   0.688    -.8612555    1.299636
                          2001 1  |   .1187576   .2950899     0.40   0.688    -.4679602    .7054754
                          2001 2  |   .2610715   .2819518     0.93   0.357    -.2995243    .8216672
                          2001 4  |    .122772   .2452949     0.50   0.618      -.36494    .6104841
                          2001 5  |    .200183   .4259148     0.47   0.640    -.6466497    1.047016
                          2003 1  |   .1340155     .42345     0.32   0.752    -.7079165    .9759476
                          2003 2  |   .2439938   .4329675     0.56   0.575    -.6168616    1.104849
                          2003 4  |     .28545   .4631774     0.62   0.539    -.6354707    1.206371
                          2003 5  |   .5224504   .4485645     1.16   0.247     -.369416    1.414317
                          2004 1  |   .1893067   .4797367     0.39   0.694    -.7645384    1.143152
                          2004 2  |    .433997   .4876395     0.89   0.376     -.535561    1.403555
                          2004 4  |   .1952656   .5918082     0.33   0.742    -.9814077    1.371939
                          2004 5  |   .5764962   .6870576     0.84   0.404    -.7895583    1.942551
                          2005 1  |   .3054535   .6590025     0.46   0.644     -1.00482    1.615727
                          2005 2  |   .6492404   .6736442     0.96   0.338    -.6901448    1.988625
                          2005 4  |   .3537913   .7447231     0.48   0.636    -1.126918      1.8345
                          2005 5  |  -.3247305   1.014001    -0.32   0.750    -2.340836    1.691375
                          2006 1  |  -.0498914   .5726102    -0.09   0.931    -1.188394    1.088611
                          2006 2  |   .2279174    .699531     0.33   0.745    -1.162938    1.618772
                          2006 4  |  -.0785535   .7659544    -0.10   0.919    -1.601476    1.444369
                          2006 5  |  -.8481626   .9706004    -0.87   0.385    -2.777976    1.081651
                                  |
         year#lev_rankingp2003_xt |
                          1999 1  |   .5488714   .5266249     1.04   0.300       -.4982    1.595943
                          1999 2  |   .4006018   .4811022     0.83   0.407    -.5559583    1.357162
                          1999 4  |   1.388854   .7045615     1.97   0.052     -.012003    2.789711
                          1999 5  |  -.3777532   .7151602    -0.53   0.599    -1.799683    1.044177
                          2000 1  |   .1652313   .3908643     0.42   0.674    -.6119117    .9423744
                          2000 2  |  -.3945845   .3047245    -1.29   0.199    -1.000458    .2112895
                          2000 4  |   .5966105   .4892415     1.22   0.226    -.3761326    1.569354
                          2000 5  |  -.3253516   .5135376    -0.63   0.528    -1.346402    .6956988
                          2001 1  |   .0949831   .4326396     0.22   0.827    -.7652203    .9551866
                          2001 2  |   -.329622    .237161    -1.39   0.168    -.8011617    .1419177
                          2001 4  |    .396157   .3372054     1.17   0.243    -.2742977    1.066612
                          2001 5  |  -.1572956    .388882    -0.40   0.687    -.9304971    .6159059
                          2003 1  |  -.4788637   .4337661    -1.10   0.273    -1.341307    .3835794
                          2003 2  |  -.0953816   .3984424    -0.24   0.811    -.8875918    .6968286
                          2003 4  |   .0504089   .5805865     0.09   0.931    -1.103953     1.20477
                          2003 5  |  -.5249185   .4236084    -1.24   0.219    -1.367165    .3173285
                          2004 1  |  -1.214803   .6760633    -1.80   0.076    -2.558998    .1293915
                          2004 2  |  -.5665905   .4980313    -1.14   0.258     -1.55681    .4236291
                          2004 4  |  -.5259288   .6197464    -0.85   0.398    -1.758151    .7062931
                          2004 5  |  -.5498989   .6246362    -0.88   0.381    -1.791843    .6920452
                          2005 1  |  -.7795372   .7151984    -1.09   0.279    -2.201543    .6424688
                          2005 2  |  -.2362737   .5970774    -0.40   0.693    -1.423424     .950876
                          2005 4  |   -.620995    .709062    -0.88   0.384      -2.0308    .7888103
                          2005 5  |  -.0817235   .8083715    -0.10   0.920    -1.688983    1.525536
                          2006 1  |   .1361658   .8077393     0.17   0.867    -1.469836    1.742168
                          2006 2  |  -.2068675   .6446501    -0.32   0.749    -1.488605     1.07487
                          2006 4  |  -.9977379   .9380449    -1.06   0.291    -2.862822    .8673467
                          2006 5  |   .5835514   .9114331     0.64   0.524    -1.228622    2.395725
                                  |
        year#cash_rankingp2003_xt |
                          1999 1  |   -.338017   .6559511    -0.52   0.608    -1.642224    .9661896
                          1999 2  |   .7120435   .4806669     1.48   0.142     -.243651    1.667738
                          1999 4  |   .7002284   .6729381     1.04   0.301    -.6377528     2.03821
                          1999 5  |   .9100908   .7966598     1.14   0.257    -.6738822    2.494064
                          2000 1  |   .0092047   .4333923     0.02   0.983    -.8524953    .8709047
                          2000 2  |   .6723547    .301051     2.23   0.028     .0737846    1.270925
                          2000 4  |  -.1108249   .5002683    -0.22   0.825    -1.105492    .8838424
                          2000 5  |   .4693693   .5098357     0.92   0.360    -.5443206    1.483059
                          2001 1  |  -.1383348   .3926204    -0.35   0.725    -.9189694    .6422998
                          2001 2  |   .0839759   .2873078     0.29   0.771    -.4872689    .6552207
                          2001 4  |   -.682584   .4100883    -1.66   0.100    -1.497949    .1327813
                          2001 5  |  -.2566348   .4573678    -0.56   0.576    -1.166005     .652735
                          2003 1  |   -.497064   .5460694    -0.91   0.365    -1.582796    .5886683
                          2003 2  |   .0175476   .4681364     0.04   0.970    -.9132329    .9483282
                          2003 4  |  -.4677709   .5396182    -0.87   0.388    -1.540676    .6051347
                          2003 5  |   .0827744   .5144411     0.16   0.873    -.9400722    1.105621
                          2004 1  |  -.6706438   .6202243    -1.08   0.283    -1.903816    .5625283
                          2004 2  |    -.12573   .5545726    -0.23   0.821    -1.228369    .9769089
                          2004 4  |  -1.398819   .6709033    -2.08   0.040    -2.732755   -.0648839
                          2004 5  |   .4224892   .6582429     0.64   0.523    -.8862739    1.731252
                          2005 1  |  -1.045762   .6342372    -1.65   0.103    -2.306795     .215272
                          2005 2  |  -.3800716   .6380823    -0.60   0.553     -1.64875    .8886069
                          2005 4  |  -1.169675   .7802682    -1.50   0.138    -2.721057    .3817071
                          2005 5  |   .2965134   .7199927     0.41   0.682    -1.135025    1.728052
                          2006 1  |  -.9100699   .7380161    -1.23   0.221    -2.377444    .5573038
                          2006 2  |  -.2628431   .6592765    -0.40   0.691    -1.573661    1.047975
                          2006 4  |  -1.326109   .8458034    -1.57   0.121    -3.007793    .3555743
                          2006 5  |  -.1738911    .748651    -0.23   0.817     -1.66241    1.314628
                                  |
                            _cons |  -.0498112   .0981416    -0.51   0.613    -.2449431    .1453207
----------------------------------+----------------------------------------------------------------
                          sigma_u |  1.8973797
                          sigma_e |  1.0634608
                              rho |  .76094922   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------------------

.         eststo table6C_1: xtreg kld_diff_nogov ib2002.year##(ib3.eg_slope_dd0_rankingp2003_xt ib3.at_rankingp2003_xt ib3.lev_rankingp2003_xt ib3.cash_rankingp2003_xt) if mainperiod & oxfam_score_xt3
>  == 3, fe vce(cluster firmid);
note: 1.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 2.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 4.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 5.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 1.at_rankingp2003_xt omitted because of collinearity.
note: 2.at_rankingp2003_xt omitted because of collinearity.
note: 4.at_rankingp2003_xt omitted because of collinearity.
note: 5.at_rankingp2003_xt omitted because of collinearity.
note: 1.lev_rankingp2003_xt omitted because of collinearity.
note: 2.lev_rankingp2003_xt omitted because of collinearity.
note: 4.lev_rankingp2003_xt omitted because of collinearity.
note: 5.lev_rankingp2003_xt omitted because of collinearity.
note: 1.cash_rankingp2003_xt omitted because of collinearity.
note: 2.cash_rankingp2003_xt omitted because of collinearity.
note: 4.cash_rankingp2003_xt omitted because of collinearity.
note: 5.cash_rankingp2003_xt omitted because of collinearity.

Fixed-effects (within) regression               Number of obs     =      1,802
Group variable: firmid                          Number of groups  =        243

R-squared:                                      Obs per group:
     Within  = 0.1062                                         min =          2
     Between = 0.0025                                         avg =        7.4
     Overall = 0.0211                                         max =          8

                                                F(119,242)        =       2.61
corr(u_i, Xb) = -0.0544                         Prob > F          =     0.0000

                                                    (Std. err. adjusted for 243 clusters in firmid)
---------------------------------------------------------------------------------------------------
                                  |               Robust
                   kld_diff_nogov | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------------------+----------------------------------------------------------------
                             year |
                            1999  |   .2454489   .4826242     0.51   0.612    -.7052316    1.196129
                            2000  |   .3063274   .3783097     0.81   0.419    -.4388727    1.051527
                            2001  |   .1059389   .2984094     0.36   0.723    -.4818724    .6937502
                            2003  |   .0846654   .3409833     0.25   0.804    -.5870086    .7563395
                            2004  |  -.5040615   .4741505    -1.06   0.289     -1.43805    .4299272
                            2005  |   -.293362   .5753142    -0.51   0.611    -1.426625    .8399006
                            2006  |  -.6580276   .7100758    -0.93   0.355    -2.056746    .7406905
                                  |
     eg_slope_dd0_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
               at_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
              lev_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
             cash_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
year#eg_slope_dd0_rankingp2003_xt |
                          1999 1  |  -.3146261   .4023946    -0.78   0.435    -1.107269    .4780168
                          1999 2  |   .2033929   .3785842     0.54   0.592    -.5423481    .9491338
                          1999 4  |  -.0305603   .3623949    -0.08   0.933    -.7444113    .6832906
                          1999 5  |   .3753391   .3483249     1.08   0.282    -.3107965    1.061475
                          2000 1  |  -.0465015   .3390041    -0.14   0.891     -.714277     .621274
                          2000 2  |   .3304331   .2472418     1.34   0.183    -.1565875    .8174537
                          2000 4  |    .151823   .2610555     0.58   0.561     -.362408     .666054
                          2000 5  |   .3981182   .2732051     1.46   0.146    -.1400452    .9362817
                          2001 1  |    .184868   .2565938     0.72   0.472    -.3205743    .6903102
                          2001 2  |   .1433522   .2129617     0.67   0.502     -.276143    .5628474
                          2001 4  |   .1537399   .2011873     0.76   0.446    -.2425618    .5500417
                          2001 5  |   .2375858   .1843822     1.29   0.199     -.125613    .6007847
                          2003 1  |   .1806944   .2555603     0.71   0.480     -.322712    .6841008
                          2003 2  |   .1895715   .2251761     0.84   0.401    -.2539839    .6331269
                          2003 4  |   .0603099   .2005439     0.30   0.764    -.3347245    .4553444
                          2003 5  |   .3023024   .1911575     1.58   0.115    -.0742425    .6788472
                          2004 1  |   .4514521   .3383047     1.33   0.183    -.2149456     1.11785
                          2004 2  |   .5110909   .2851757     1.79   0.074    -.0506524    1.072834
                          2004 4  |   .5661882   .2863706     1.98   0.049      .002091    1.130285
                          2004 5  |   .8677003   .2636196     3.29   0.001     .3484184    1.386982
                          2005 1  |   .3239099   .3883854     0.83   0.405    -.4411374    1.088957
                          2005 2  |   .5108532    .412975     1.24   0.217    -.3026313    1.324338
                          2005 4  |    .587654   .3603188     1.63   0.104    -.1221073    1.297415
                          2005 5  |    .928571   .3247278     2.86   0.005     .2889173    1.568225
                          2006 1  |   .2109174   .4826886     0.44   0.663      -.73989    1.161725
                          2006 2  |   .5348995   .5096981     1.05   0.295    -.4691114    1.538911
                          2006 4  |    .658427   .4302208     1.53   0.127    -.1890284    1.505882
                          2006 5  |   1.026755   .4228979     2.43   0.016     .1937241    1.859785
                                  |
          year#at_rankingp2003_xt |
                          1999 1  |  -.6856262   .2952409    -2.32   0.021    -1.267196   -.1040562
                          1999 2  |  -.3949488   .3376968    -1.17   0.243    -1.060149    .2702515
                          1999 4  |   -.142443   .4201745    -0.34   0.735     -.970109     .685223
                          1999 5  |   .2484824   .4182026     0.59   0.553    -.5752994    1.072264
                          2000 1  |  -.0323388   .3582074    -0.09   0.928     -.737941    .6732635
                          2000 2  |  -.2002842   .2969411    -0.67   0.501    -.7852033    .3846349
                          2000 4  |   .1732532    .355296     0.49   0.626    -.5266142    .8731206
                          2000 5  |   .3952311   .4441346     0.89   0.374     -.479632    1.270094
                          2001 1  |   .0355205   .2477142     0.14   0.886    -.4524306    .5234716
                          2001 2  |  -.0988024   .2170705    -0.46   0.649    -.5263913    .3287864
                          2001 4  |    .162749   .2769974     0.59   0.557    -.3828846    .7083827
                          2001 5  |  -.0829547   .3201905    -0.26   0.796    -.7136708    .5477614
                          2003 1  |   .1144699   .2096949     0.55   0.586    -.2985903    .5275302
                          2003 2  |   .0022544   .1973766     0.01   0.991    -.3865409    .3910498
                          2003 4  |  -.1319101   .2692203    -0.49   0.625    -.6622243    .3984042
                          2003 5  |  -.1694607   .2747022    -0.62   0.538    -.7105733    .3716518
                          2004 1  |   .1060513   .2721822     0.39   0.697    -.4300973       .6422
                          2004 2  |  -.0449083   .2704497    -0.17   0.868    -.5776443    .4878277
                          2004 4  |    .107257   .3518353     0.30   0.761    -.5857936    .8003075
                          2004 5  |   .5567039    .356154     1.56   0.119    -.1448536    1.258261
                          2005 1  |  -.1292898   .3464106    -0.37   0.709    -.8116546     .553075
                          2005 2  |  -.2430152    .343295    -0.71   0.480    -.9192429    .4332125
                          2005 4  |  -.3058735   .4677864    -0.65   0.514    -1.227326    .6155792
                          2005 5  |   .3050526   .4522166     0.67   0.501    -.5857305    1.195836
                          2006 1  |  -.1991328   .4325448    -0.46   0.646    -1.051166    .6529004
                          2006 2  |  -.6327321   .4182759    -1.51   0.132    -1.456658    .1911942
                          2006 4  |  -.3118563   .5349999    -0.58   0.560    -1.365707    .7419947
                          2006 5  |  -.1332451    .508278    -0.26   0.793    -1.134459    .8679687
                                  |
         year#lev_rankingp2003_xt |
                          1999 1  |   .2439246    .395195     0.62   0.538    -.5345365    1.022386
                          1999 2  |  -.0181928   .3508444    -0.05   0.959    -.7092914    .6729059
                          1999 4  |   .2170518   .3803839     0.57   0.569    -.5322341    .9663378
                          1999 5  |  -.0473556   .4500593    -0.11   0.916    -.9338892     .839178
                          2000 1  |   .0567685   .3482503     0.16   0.871    -.6292201    .7427572
                          2000 2  |  -.0718911   .2596384    -0.28   0.782    -.5833307    .4395485
                          2000 4  |   .2325171     .24981     0.93   0.353    -.2595624    .7245966
                          2000 5  |  -.3066994   .4011288    -0.76   0.445    -1.096849    .4834501
                          2001 1  |  -.0530369    .246208    -0.22   0.830    -.5380212    .4319474
                          2001 2  |  -.1463075   .2027039    -0.72   0.471    -.5455968    .2529818
                          2001 4  |   .1403042   .1935213     0.73   0.469     -.240897    .5215053
                          2001 5  |  -.2520715   .2916841    -0.86   0.388    -.8266352    .3224922
                          2003 1  |  -.1525871    .252589    -0.60   0.546    -.6501406    .3449665
                          2003 2  |  -.3351961   .2409692    -1.39   0.165    -.8098608    .1394686
                          2003 4  |  -.1094902   .2723453    -0.40   0.688      -.64596    .4269797
                          2003 5  |   .1558917   .3028151     0.51   0.607    -.4405981    .7523814
                          2004 1  |   .4499918   .3313765     1.36   0.176    -.2027587    1.102742
                          2004 2  |  -.0136189   .3237556    -0.04   0.966    -.6513575    .6241198
                          2004 4  |  -.0932442   .3416248    -0.27   0.785    -.7661819    .5796936
                          2004 5  |  -.0020984   .4106418    -0.01   0.996    -.8109868      .80679
                          2005 1  |   .5839331   .4537883     1.29   0.199    -.3099459    1.477812
                          2005 2  |  -.1358869   .4456576    -0.30   0.761     -1.01375    .7419763
                          2005 4  |  -.4586027   .4321566    -1.06   0.290    -1.309871    .3926659
                          2005 5  |  -.2742021   .5430631    -0.50   0.614    -1.343936    .7955318
                          2006 1  |   .6716772   .5371087     1.25   0.212    -.3863277    1.729682
                          2006 2  |   .2544047   .5393227     0.47   0.638    -.8079613    1.316771
                          2006 4  |  -.0013485   .5155952    -0.00   0.998    -1.016976    1.014279
                          2006 5  |  -.0443144    .598503    -0.07   0.941    -1.223255    1.134626
                                  |
        year#cash_rankingp2003_xt |
                          1999 1  |   .4192601   .4564164     0.92   0.359    -.4797958    1.318316
                          1999 2  |  -.3316615    .386568    -0.86   0.392    -1.093129    .4298059
                          1999 4  |   .3163692   .3303095     0.96   0.339    -.3342795    .9670179
                          1999 5  |   .0401317   .3264345     0.12   0.902    -.6028838    .6831472
                          2000 1  |   .1078979   .3368891     0.32   0.749    -.5557113    .7715071
                          2000 2  |  -.6248698   .3237953    -1.93   0.055    -1.262687     .012947
                          2000 4  |  -.1929399   .3088339    -0.62   0.533    -.8012857    .4154058
                          2000 5  |   -.400552   .2998473    -1.34   0.183    -.9911957    .1900917
                          2001 1  |   .1247628   .2596307     0.48   0.631    -.3866617    .6361872
                          2001 2  |  -.2988611    .232247    -1.29   0.199    -.7563447    .1586224
                          2001 4  |   -.181064   .2257523    -0.80   0.423    -.6257544    .2636264
                          2001 5  |  -.2535958   .1968275    -1.29   0.199    -.6413096     .134118
                          2003 1  |  -.3191391   .2945913    -1.08   0.280    -.8994295    .2611514
                          2003 2  |  -.3820138   .2831799    -1.35   0.179    -.9398258    .1757982
                          2003 4  |  -.2813128   .2319842    -1.21   0.226    -.7382789    .1756532
                          2003 5  |  -.2386589   .2320157    -1.03   0.305    -.6956868    .2183691
                          2004 1  |  -.0770634   .3578222    -0.22   0.830     -.781907    .6277803
                          2004 2  |  -.6050208    .377026    -1.60   0.110    -1.347692    .1376507
                          2004 4  |  -.5048902   .2906463    -1.74   0.084     -1.07741    .0676293
                          2004 5  |  -.3351164   .2853845    -1.17   0.241    -.8972712    .2270383
                          2005 1  |    .018759   .4477312     0.04   0.967    -.8631886    .9007067
                          2005 2  |  -.6750406   .4906018    -1.38   0.170    -1.641435    .2913542
                          2005 4  |   .1643942   .4171859     0.39   0.694    -.6573849    .9861733
                          2005 5  |  -.3857315   .3955529    -0.98   0.330    -1.164898    .3934346
                          2006 1  |   .0377353    .546872     0.07   0.945    -1.039501    1.114972
                          2006 2  |  -.5804728   .5945554    -0.98   0.330    -1.751637    .5906915
                          2006 4  |    .352982   .4840162     0.73   0.467    -.6004404    1.306404
                          2006 5  |   .0731869   .4803646     0.15   0.879    -.8730425    1.019416
                                  |
                            _cons |   1.002409   .0562608    17.82   0.000      .891586    1.113233
----------------------------------+----------------------------------------------------------------
                          sigma_u |  2.0045436
                          sigma_e |   1.132694
                              rho |  .75797973   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------------------

.         eststo table6C_2: xtreg kld_diff_nogov ib2002.year##(ib3.eg_slope_dd0_rankingp2003_xt ib3.at_rankingp2003_xt ib3.lev_rankingp2003_xt ib3.cash_rankingp2003_xt) if mainperiod & oxfam_score_xt3
>  == 1, fe vce(cluster firmid);
note: 1.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 2.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 4.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 5.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 1.at_rankingp2003_xt omitted because of collinearity.
note: 2.at_rankingp2003_xt omitted because of collinearity.
note: 4.at_rankingp2003_xt omitted because of collinearity.
note: 5.at_rankingp2003_xt omitted because of collinearity.
note: 1.lev_rankingp2003_xt omitted because of collinearity.
note: 2.lev_rankingp2003_xt omitted because of collinearity.
note: 4.lev_rankingp2003_xt omitted because of collinearity.
note: 5.lev_rankingp2003_xt omitted because of collinearity.
note: 1.cash_rankingp2003_xt omitted because of collinearity.
note: 2.cash_rankingp2003_xt omitted because of collinearity.
note: 4.cash_rankingp2003_xt omitted because of collinearity.
note: 5.cash_rankingp2003_xt omitted because of collinearity.

Fixed-effects (within) regression               Number of obs     =      1,062
Group variable: firmid                          Number of groups  =        144

R-squared:                                      Obs per group:
     Within  = 0.2368                                         min =          2
     Between = 0.0086                                         avg =        7.4
     Overall = 0.0204                                         max =          8

                                                F(119,143)        =       6.92
corr(u_i, Xb) = -0.1595                         Prob > F          =     0.0000

                                                    (Std. err. adjusted for 144 clusters in firmid)
---------------------------------------------------------------------------------------------------
                                  |               Robust
                   kld_diff_nogov | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------------------+----------------------------------------------------------------
                             year |
                            1999  |  -1.276072    .500165    -2.55   0.012    -2.264744   -.2873993
                            2000  |  -.2715477   .3489465    -0.78   0.438    -.9613076    .4182122
                            2001  |  -.1801053    .265289    -0.68   0.498    -.7044999    .3442894
                            2003  |  -1.083809   .3841891    -2.82   0.005    -1.843233   -.3243856
                            2004  |  -1.040632   .6031807    -1.73   0.087    -2.232935    .1516707
                            2005  |  -1.233525   .6028062    -2.05   0.043    -2.425087   -.0419625
                            2006  |  -1.568957   .5539514    -2.83   0.005    -2.663948   -.4739653
                                  |
     eg_slope_dd0_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
               at_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
              lev_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
             cash_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
year#eg_slope_dd0_rankingp2003_xt |
                          1999 1  |   .3004725    .494867     0.61   0.545    -.6777272    1.278672
                          1999 2  |   .5260289   .4114017     1.28   0.203    -.2871857    1.339243
                          1999 4  |   .3693937   .4811016     0.77   0.444    -.5815961    1.320384
                          1999 5  |   .7103413   .5195415     1.37   0.174    -.3166323    1.737315
                          2000 1  |  -.1376413    .301918    -0.46   0.649    -.7344402    .4591576
                          2000 2  |  -.0108337   .2800049    -0.04   0.969    -.5643172    .5426499
                          2000 4  |  -.0835634   .3577916    -0.23   0.816    -.7908073    .6236806
                          2000 5  |   .3290252    .343946     0.96   0.340    -.3508501    1.008901
                          2001 1  |   .0786473   .2391616     0.33   0.743    -.3941015    .5513962
                          2001 2  |  -.1585597   .2063559    -0.77   0.444    -.5664619    .2493424
                          2001 4  |   -.011949   .2332933    -0.05   0.959     -.473098       .4492
                          2001 5  |   .2849892   .2506595     1.14   0.257    -.2104875    .7804658
                          2003 1  |   .6970451   .3648834     1.91   0.058    -.0242171    1.418307
                          2003 2  |   .6332509   .2884649     2.20   0.030     .0630446    1.203457
                          2003 4  |   .8433082   .2758076     3.06   0.003     .2981216    1.388495
                          2003 5  |   .6587547   .2995155     2.20   0.029     .0667047    1.250805
                          2004 1  |   1.350295   .4592682     2.94   0.004     .4424632    2.258127
                          2004 2  |    1.04477   .3817661     2.74   0.007      .290136    1.799404
                          2004 4  |   1.281276   .3724245     3.44   0.001     .5451071    2.017444
                          2004 5  |   .7074834     .40548     1.74   0.083    -.0940257    1.508993
                          2005 1  |   1.605648    .601441     2.67   0.008     .4167838    2.794511
                          2005 2  |   .9410549   .4738012     1.99   0.049     .0044958    1.877614
                          2005 4  |   1.610281   .4440932     3.63   0.000     .7324455    2.488116
                          2005 5  |   .8143976   .4881482     1.67   0.097     -.150521    1.779316
                          2006 1  |   1.452218   .5870207     2.47   0.015     .2918587    2.612577
                          2006 2  |   1.457718   .5058745     2.88   0.005     .4577602    2.457677
                          2006 4  |    1.93448    .453854     4.26   0.000      1.03735    2.831609
                          2006 5  |   1.100238   .4651933     2.37   0.019     .1806939    2.019782
                                  |
          year#at_rankingp2003_xt |
                          1999 1  |   .2657221   .3228666     0.82   0.412    -.3724857    .9039299
                          1999 2  |   .2853542   .3009394     0.95   0.345    -.3095104    .8802188
                          1999 4  |   .4376072   .4023775     1.09   0.279    -.3577693    1.232984
                          1999 5  |   1.587958   .5565372     2.85   0.005     .4878557    2.688061
                          2000 1  |  -.1157847   .2934951    -0.39   0.694    -.6959342    .4643648
                          2000 2  |   .0594803   .2230359     0.27   0.790     -.381393    .5003535
                          2000 4  |    .122008   .3044888     0.40   0.689    -.4798727    .7238886
                          2000 5  |   .6723886   .4059059     1.66   0.100    -.1299624     1.47474
                          2001 1  |  -.0241021   .2316247    -0.10   0.917    -.4819529    .4337488
                          2001 2  |   .1160597   .1691169     0.69   0.494    -.2182323    .4503518
                          2001 4  |  -.1056458   .1913679    -0.55   0.582    -.4839212    .2726296
                          2001 5  |   .0895694   .2907616     0.31   0.758    -.4851767    .6643155
                          2003 1  |   .2877416   .3350452     0.86   0.392    -.3745396    .9500228
                          2003 2  |   .6459176   .3344512     1.93   0.055    -.0151895    1.307025
                          2003 4  |   .3442306   .2592127     1.33   0.186    -.1681531    .8566142
                          2003 5  |   .1747669   .3330105     0.52   0.601    -.4834923    .8330261
                          2004 1  |   .2345683    .415619     0.56   0.573    -.5869827    1.056119
                          2004 2  |   .8682273   .4090361     2.12   0.036     .0596889    1.676766
                          2004 4  |   .3543757    .386666     0.92   0.361     -.409944    1.118695
                          2004 5  |   .2737926   .4912589     0.56   0.578    -.6972751     1.24486
                          2005 1  |   .2854829   .5472198     0.52   0.603    -.7962022    1.367168
                          2005 2  |   1.139687   .5100264     2.23   0.027     .1315222    2.147853
                          2005 4  |   .1922815   .4803492     0.40   0.690    -.7572209    1.141784
                          2005 5  |    -.36874   .6474971    -0.57   0.570    -1.648643    .9111626
                          2006 1  |  -.1615056   .5008988    -0.32   0.748    -1.151628    .8286171
                          2006 2  |   1.273197   .5035072     2.53   0.013     .2779183    2.268476
                          2006 4  |    .157436   .4885941     0.32   0.748    -.8083643    1.123236
                          2006 5  |  -.6611338   .6013083    -1.10   0.273    -1.849735    .5274676
                                  |
         year#lev_rankingp2003_xt |
                          1999 1  |   .4083202   .4890104     0.83   0.405    -.5583029    1.374943
                          1999 2  |   .5993822   .3924566     1.53   0.129    -.1763838    1.375148
                          1999 4  |   .6763003   .4756321     1.42   0.157     -.263878    1.616479
                          1999 5  |  -.6671607   .5365132    -1.24   0.216    -1.727682    .3933606
                          2000 1  |  -.0875819   .3972233    -0.22   0.826    -.8727702    .6976064
                          2000 2  |   -.091532   .2508782    -0.36   0.716     -.587441     .404377
                          2000 4  |   .5371168   .3590833     1.50   0.137    -.1726804    1.246914
                          2000 5  |  -.5758062     .40857    -1.41   0.161    -1.383423    .2318109
                          2001 1  |   .1018823   .2885897     0.35   0.725    -.4685708    .6723353
                          2001 2  |  -.1290604   .1724049    -0.75   0.455    -.4698517     .211731
                          2001 4  |   .1252094   .2126375     0.59   0.557    -.2951094    .5455283
                          2001 5  |  -.1156702   .2968527    -0.39   0.697    -.7024567    .4711163
                          2003 1  |  -.4328863   .3562796    -1.22   0.226    -1.137141    .2713688
                          2003 2  |  -.4146868   .2491944    -1.66   0.098    -.9072673    .0778938
                          2003 4  |  -.2975865   .3202523    -0.93   0.354    -.9306268    .3354538
                          2003 5  |   .0730499   .3344336     0.22   0.827    -.5880224    .7341222
                          2004 1  |  -.8092209   .4686743    -1.73   0.086    -1.735646    .1172039
                          2004 2  |   -.900334   .3448503    -2.61   0.010    -1.581997    -.218671
                          2004 4  |  -.7428115   .3724549    -1.99   0.048     -1.47904   -.0065828
                          2004 5  |  -.0571522   .4966009    -0.12   0.909    -1.038779     .924475
                          2005 1  |  -.9729022   .5795793    -1.68   0.095    -2.118552    .1727477
                          2005 2  |  -.5696252   .4282941    -1.33   0.186    -1.416231    .2769805
                          2005 4  |  -.4388081    .490867    -0.89   0.373    -1.409101    .5314848
                          2005 5  |   .0467956    .671695     0.07   0.945    -1.280939     1.37453
                          2006 1  |  -.9265306   .5842268    -1.59   0.115    -2.081367    .2283059
                          2006 2  |  -.9021081   .4423628    -2.04   0.043    -1.776523   -.0276931
                          2006 4  |  -.4112574   .5002728    -0.82   0.412    -1.400143     .577628
                          2006 5  |   .0231469   .6450619     0.04   0.971    -1.251942    1.298236
                                  |
        year#cash_rankingp2003_xt |
                          1999 1  |   .3884612   .4003631     0.97   0.334    -.4029334    1.179856
                          1999 2  |   .8561888   .4152143     2.06   0.041      .035438     1.67694
                          1999 4  |   .9948646   .4841771     2.05   0.042     .0377954    1.951934
                          1999 5  |   .3664198   .6814763     0.54   0.592    -.9806491    1.713489
                          2000 1  |   .3867217   .2740961     1.41   0.160    -.1550819    .9285253
                          2000 2  |   .7732081   .2715664     2.85   0.005     .2364049    1.310011
                          2000 4  |   .4462567   .3735011     1.19   0.234    -.2920401    1.184553
                          2000 5  |   .2285102   .4925204     0.46   0.643    -.7450512    1.202071
                          2001 1  |   .2662394   .2343312     1.14   0.258    -.1969612      .72944
                          2001 2  |   .4202406   .2140439     1.96   0.052    -.0028583    .8433394
                          2001 4  |   -.257458   .2676029    -0.96   0.338    -.7864267    .2715107
                          2001 5  |   .0567293   .2319023     0.24   0.807    -.4016701    .5151287
                          2003 1  |   .3501586   .3279263     1.07   0.287    -.2980507     .998368
                          2003 2  |    .637918   .3056119     2.09   0.039     .0338173    1.242019
                          2003 4  |   .1138085    .410626     0.28   0.782    -.6978728    .9254897
                          2003 5  |   .6332476   .4000999     1.58   0.116    -.1576267    1.424122
                          2004 1  |   .4738594   .4375235     1.08   0.281    -.3909899    1.338709
                          2004 2  |   .6738036   .4216959     1.60   0.112    -.1597594    1.507367
                          2004 4  |  -.3887676   .4820737    -0.81   0.421    -1.341679    .5641438
                          2004 5  |   .7011353   .4929048     1.42   0.157    -.2731858    1.675456
                          2005 1  |  -.3079813   .4867678    -0.63   0.528    -1.270171    .6542088
                          2005 2  |   .6157868   .4707175     1.31   0.193    -.3146768     1.54625
                          2005 4  |  -.2323063   .6142663    -0.38   0.706    -1.446522    .9819092
                          2005 5  |   .9633776   .5573658     1.73   0.086     -.138363    2.065118
                          2006 1  |  -.1750516   .5103409    -0.34   0.732    -1.183839    .8337354
                          2006 2  |   .9185242   .4622209     1.99   0.049     .0048558    1.832193
                          2006 4  |   -.047616   .6072289    -0.08   0.938    -1.247921    1.152689
                          2006 5  |   1.213227   .5564407     2.18   0.031     .1133149    2.313139
                                  |
                            _cons |  -.0391919   .0683534    -0.57   0.567    -.1743056    .0959218
----------------------------------+----------------------------------------------------------------
                          sigma_u |  2.0893443
                          sigma_e |  1.0996042
                              rho |  .78309591   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------------------

.                 esttab * using output/table6.csv , replace r2 scalars(N_clust) nobase noomit sfmt(a3) `esttabopt';
(file output/table6.csv not found)
(output written to output/table6.csv)

.         * table 7;
.         * note that "mid" of 5 combines 5 and 6;
.         * panel A;
.         local mid 5;

.         eststo clear;

.         use `carfile', clear;

.         eststo daily180: reg car_mkt180 ib`mid'.xt , vce(cluster firmid);

Linear regression                               Number of obs     =        477
                                                F(8, 468)         =       1.48
                                                Prob > F          =     0.1624
                                                R-squared         =     0.0211
                                                Root MSE          =      .3138

                               (Std. err. adjusted for 469 clusters in firmid)
------------------------------------------------------------------------------
             |               Robust
  car_mkt180 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
          xt |
          1  |  -.1016577   .0605922    -1.68   0.094    -.2207241    .0174087
          2  |  -.0453313   .0526749    -0.86   0.390    -.1488398    .0581772
          3  |   -.069436   .0461533    -1.50   0.133    -.1601293    .0212573
          4  |  -.0822193   .0478741    -1.72   0.087    -.1762941    .0118555
          7  |   .0008576    .065585     0.01   0.990      -.12802    .1297352
          8  |  -.0302694    .050369    -0.60   0.548    -.1292468     .068708
          9  |  -.0665785    .064564    -1.03   0.303    -.1934497    .0602926
         10  |  -.1377058   .0456799    -3.01   0.003    -.2274688   -.0479428
             |
       _cons |   .0816584    .027532     2.97   0.003     .0275568    .1357599
------------------------------------------------------------------------------

.         eststo daily360: reg car_mkt360 ib`mid'.xt , vce(cluster firmid);

Linear regression                               Number of obs     =        477
                                                F(8, 468)         =       1.97
                                                Prob > F          =     0.0483
                                                R-squared         =     0.0268
                                                Root MSE          =     .46098

                               (Std. err. adjusted for 469 clusters in firmid)
------------------------------------------------------------------------------
             |               Robust
  car_mkt360 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
          xt |
          1  |  -.1692805   .0823325    -2.06   0.040    -.3310677   -.0074933
          2  |  -.0935439   .0798609    -1.17   0.242    -.2504743    .0633865
          3  |  -.1160561   .0704127    -1.65   0.100    -.2544203    .0223081
          4  |  -.0920307    .071445    -1.29   0.198    -.2324235     .048362
          7  |  -.0389256   .0983725    -0.40   0.693     -.232232    .1543808
          8  |  -.0781351    .074832    -1.04   0.297    -.2251835    .0689132
          9  |  -.1018984   .0937751    -1.09   0.278    -.2861707     .082374
         10  |   -.258093   .0687329    -3.76   0.000    -.3931562   -.1230298
             |
       _cons |   .1130885   .0416439     2.72   0.007     .0312563    .1949206
------------------------------------------------------------------------------

.         eststo monthly24: reg car_mkt24 ib`mid'.xt , vce(cluster firmid);

Linear regression                               Number of obs     =        477
                                                F(8, 468)         =       2.62
                                                Prob > F          =     0.0081
                                                R-squared         =     0.0414
                                                Root MSE          =     1.1928

                               (Std. err. adjusted for 469 clusters in firmid)
------------------------------------------------------------------------------
             |               Robust
   car_mkt24 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
          xt |
          1  |  -.6449084   .2168718    -2.97   0.003    -1.071071   -.2187455
          2  |  -.3912003   .1882908    -2.08   0.038    -.7612004   -.0212002
          3  |  -.3816574   .1923514    -1.98   0.048    -.7596368    -.003678
          4  |  -.4221298   .1998087    -2.11   0.035    -.8147631   -.0294966
          7  |  -.4232385   .2724723    -1.55   0.121     -.958659     .112182
          8  |  -.4318103   .1792959    -2.41   0.016     -.784135   -.0794857
          9  |  -.2364667   .1692142    -1.40   0.163    -.5689804    .0960469
         10  |  -.8167069    .216386    -3.77   0.000    -1.241915   -.3914984
             |
       _cons |   .2969753   .1045838     2.84   0.005     .0914633    .5024873
------------------------------------------------------------------------------

.         eststo monthly48: reg car_mkt48 ib`mid'.xt , vce(cluster firmid);

Linear regression                               Number of obs     =        477
                                                F(8, 468)         =       2.06
                                                Prob > F          =     0.0383
                                                R-squared         =     0.0337
                                                Root MSE          =     2.1397

                               (Std. err. adjusted for 469 clusters in firmid)
------------------------------------------------------------------------------
             |               Robust
   car_mkt48 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
          xt |
          1  |  -1.000376   .3899422    -2.57   0.011     -1.76663   -.2341219
          2  |  -.6545311   .3258757    -2.01   0.045    -1.294892   -.0141704
          3  |  -.5514534   .3655865    -1.51   0.132    -1.269848    .1669408
          4  |  -.6482845   .3661495    -1.77   0.077    -1.367785    .0712161
          7  |  -.6636201   .4646441    -1.43   0.154    -1.576667    .2494268
          8  |  -.6388199   .3511441    -1.82   0.070    -1.328834    .0511943
          9  |  -.3709251   .3144888    -1.18   0.239    -.9889099    .2470598
         10  |  -1.339301   .3819667    -3.51   0.000    -2.089883   -.5887187
             |
       _cons |   .4081057   .1939014     2.10   0.036     .0270806    .7891307
------------------------------------------------------------------------------

.         use `rawretfile', clear;

.         eststo raw_daily180: reg bhret_w180 ib`mid'.xt , vce(cluster firmid);

Linear regression                               Number of obs     =        477
                                                F(8, 468)         =       0.84
                                                Prob > F          =     0.5690
                                                R-squared         =     0.0201
                                                Root MSE          =     .21621

                               (Std. err. adjusted for 469 clusters in firmid)
------------------------------------------------------------------------------
             |               Robust
  bhret_w180 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
          xt |
          1  |   .0457416   .0359379     1.27   0.204    -.0248781    .1163612
          2  |   .0481663   .0332305     1.45   0.148    -.0171332    .1134657
          3  |   .0220368   .0276119     0.80   0.425    -.0322218    .0762954
          4  |   .0224018   .0329964     0.68   0.498    -.0424377    .0872413
          7  |   .0801539    .043955     1.82   0.069    -.0062198    .1665275
          8  |   .0177514   .0299485     0.59   0.554    -.0410988    .0766016
          9  |   .0964174   .0591415     1.63   0.104    -.0197983    .2126332
         10  |   .0206144   .0294863     0.70   0.485    -.0373276    .0785563
             |
       _cons |   .0498258   .0180833     2.76   0.006     .0142914    .0853602
------------------------------------------------------------------------------

.         eststo raw_daily360: reg bhret_w360 ib`mid'.xt , vce(cluster firmid);

Linear regression                               Number of obs     =        477
                                                F(8, 468)         =       1.86
                                                Prob > F          =     0.0643
                                                R-squared         =     0.0295
                                                Root MSE          =       .295

                               (Std. err. adjusted for 469 clusters in firmid)
------------------------------------------------------------------------------
             |               Robust
  bhret_w360 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
          xt |
          1  |   .1143016   .0547744     2.09   0.037     .0066675    .2219357
          2  |   .0679303   .0644469     1.05   0.292    -.0587107    .1945714
          3  |   .0082645   .0427984     0.19   0.847    -.0758364    .0923653
          4  |  -.0289536   .0470864    -0.61   0.539    -.1214806    .0635733
          7  |   .0539785   .0547274     0.99   0.324    -.0535633    .1615203
          8  |   .0323822   .0524507     0.62   0.537    -.0706859    .1354503
          9  |   .1227358   .0646295     1.90   0.058    -.0042641    .2497358
         10  |   .1023239   .0471667     2.17   0.031     .0096393    .1950086
             |
       _cons |  -.0705574   .0310218    -2.27   0.023    -.1315167   -.0095982
------------------------------------------------------------------------------

.         eststo raw_monthly24: reg bhret_w24 ib`mid'.xt , vce(cluster firmid);

Linear regression                               Number of obs     =        477
                                                F(8, 468)         =       1.02
                                                Prob > F          =     0.4166
                                                R-squared         =     0.0178
                                                Root MSE          =     .40742

                               (Std. err. adjusted for 469 clusters in firmid)
------------------------------------------------------------------------------
             |               Robust
   bhret_w24 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
          xt |
          1  |  -.0465261   .0617951    -0.75   0.452    -.1679563    .0749041
          2  |   .0517125   .0701757     0.74   0.462     -.086186     .189611
          3  |   .0392147   .0722576     0.54   0.588    -.1027747    .1812042
          4  |   -.105184   .0627853    -1.68   0.095      -.22856    .0181919
          7  |   -.063278   .0837522    -0.76   0.450    -.2278549    .1012989
          8  |   .0012912   .0586078     0.02   0.982    -.1138758    .1164582
          9  |   .0097354   .0782398     0.12   0.901    -.1440094    .1634801
         10  |   .0854981   .0658342     1.30   0.195    -.0438691    .2148653
             |
       _cons |  -.0541901   .0302338    -1.79   0.074    -.1136009    .0052206
------------------------------------------------------------------------------

.         eststo raw_monthly48: reg bhret_w48 ib`mid'.xt , vce(cluster firmid);

Linear regression                               Number of obs     =        477
                                                F(8, 468)         =       2.11
                                                Prob > F          =     0.0336
                                                R-squared         =     0.0345
                                                Root MSE          =     .65791

                               (Std. err. adjusted for 469 clusters in firmid)
------------------------------------------------------------------------------
             |               Robust
   bhret_w48 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
          xt |
          1  |  -.0420159   .1062077    -0.40   0.693    -.2507188     .166687
          2  |  -.0027591   .1046433    -0.03   0.979    -.2083881    .2028699
          3  |  -.1039268   .1036488    -1.00   0.317    -.3076014    .0997479
          4  |  -.1564202   .0877929    -1.78   0.075    -.3289373     .016097
          7  |   .0949549   .1487301     0.64   0.524    -.1973067    .3872164
          8  |   .0762433   .1102964     0.69   0.490    -.1404942    .2929807
          9  |   .1521024   .1129705     1.35   0.179    -.0698899    .3740946
         10  |   .2805809   .1290819     2.17   0.030      .026929    .5342329
             |
       _cons |   .2665827   .0581746     4.58   0.000      .152267    .3808985
------------------------------------------------------------------------------

.         esttab * using output/table7a.csv , replace r2 scalars(N_clust) nobase noomit sfmt(a3) `esttabopt';
(file output/table7a.csv not found)
(output written to output/table7a.csv)

.         * panel B;
.         local controls "i.at_rankingp2003_xt i.lev_rankingp2003_xt i.cash_rankingp2003_xt";

.         local mid 5;

.         eststo clear;

.         use `carfile', clear;

.         eststo daily180: reg car_mkt180 ib`mid'.xt `controls', vce(cluster firmid);

Linear regression                               Number of obs     =        475
                                                F(20, 466)        =       1.92
                                                Prob > F          =     0.0100
                                                R-squared         =     0.0729
                                                Root MSE          =     .30998

                                       (Std. err. adjusted for 467 clusters in firmid)
--------------------------------------------------------------------------------------
                     |               Robust
          car_mkt180 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
                  xt |
                  1  |  -.0399423    .065807    -0.61   0.544    -.1692575    .0893729
                  2  |  -.0103651   .0565378    -0.18   0.855    -.1214658    .1007356
                  3  |   -.074082   .0478461    -1.55   0.122    -.1681028    .0199388
                  4  |  -.0698095   .0480295    -1.45   0.147    -.1641907    .0245718
                  7  |  -.0072715   .0651027    -0.11   0.911    -.1352026    .1206596
                  8  |  -.0407701   .0527475    -0.77   0.440    -.1444225    .0628824
                  9  |  -.0814579   .0650302    -1.25   0.211    -.2092467     .046331
                 10  |  -.1391512   .0466967    -2.98   0.003    -.2309134    -.047389
                     |
  at_rankingp2003_xt |
                  2  |  -.0169891   .0521034    -0.33   0.745    -.1193757    .0853975
                  3  |  -.0600883   .0508989    -1.18   0.238    -.1601081    .0399315
                  4  |  -.0980248    .057384    -1.71   0.088    -.2107882    .0147386
                  5  |  -.2276821   .0596534    -3.82   0.000    -.3449051   -.1104591
                     |
 lev_rankingp2003_xt |
                  2  |   .0284516    .054672     0.52   0.603    -.0789825    .1358857
                  3  |   .0518368   .0519752     1.00   0.319     -.050298    .1539716
                  4  |   .0625552   .0547703     1.14   0.254    -.0450721    .1701824
                  5  |   .1732337   .0681937     2.54   0.011     .0392285    .3072388
                     |
cash_rankingp2003_xt |
                  2  |   -.017853    .041483    -0.43   0.667      -.09937    .0636639
                  3  |  -.0031126   .0427331    -0.07   0.942     -.087086    .0808607
                  4  |   .0539085   .0495162     1.09   0.277    -.0433941    .1512112
                  5  |    .025976   .0541562     0.48   0.632    -.0804446    .1323967
                     |
               _cons |   .0811315   .0627745     1.29   0.197    -.0422247    .2044877
--------------------------------------------------------------------------------------

.         eststo daily360: reg car_mkt360 ib`mid'.xt `controls', vce(cluster firmid);

Linear regression                               Number of obs     =        475
                                                F(20, 466)        =       1.92
                                                Prob > F          =     0.0099
                                                R-squared         =     0.0614
                                                Root MSE          =     .45957

                                       (Std. err. adjusted for 467 clusters in firmid)
--------------------------------------------------------------------------------------
                     |               Robust
          car_mkt360 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
                  xt |
                  1  |  -.0829828   .0899459    -0.92   0.357    -.2597326     .093767
                  2  |  -.0461736   .0827328    -0.56   0.577    -.2087491     .116402
                  3  |  -.1166032   .0723018    -1.61   0.107    -.2586811    .0254747
                  4  |  -.0868475    .072091    -1.20   0.229    -.2285112    .0548163
                  7  |  -.0280213   .0996046    -0.28   0.779    -.2237511    .1677085
                  8  |  -.0717935   .0779257    -0.92   0.357    -.2249227    .0813357
                  9  |  -.1025957   .0946636    -1.08   0.279     -.288616    .0834246
                 10  |  -.2205891   .0706597    -3.12   0.002    -.3594402    -.081738
                     |
  at_rankingp2003_xt |
                  2  |  -.0253418   .0760141    -0.33   0.739    -.1747146     .124031
                  3  |  -.0379384   .0774827    -0.49   0.625    -.1901973    .1143204
                  4  |   -.117681   .0848609    -1.39   0.166    -.2844385    .0490765
                  5  |  -.2527723   .0862118    -2.93   0.004    -.4221844   -.0833602
                     |
 lev_rankingp2003_xt |
                  2  |   .0541439    .084427     0.64   0.522    -.1117609    .2200487
                  3  |   .0818694   .0751229     1.09   0.276    -.0657522     .229491
                  4  |   .0903571   .0845436     1.07   0.286    -.0757767    .2564909
                  5  |   .2094889   .0950854     2.20   0.028     .0226396    .3963382
                     |
cash_rankingp2003_xt |
                  2  |  -.0295555   .0627302    -0.47   0.638    -.1528246    .0937136
                  3  |  -.0421711   .0648716    -0.65   0.516    -.1696481    .0853059
                  4  |   .0106232   .0753394     0.14   0.888    -.1374238    .1586701
                  5  |  -.0996274   .0795829    -1.25   0.211    -.2560133    .0567585
                     |
               _cons |   .1270492   .0906508     1.40   0.162    -.0510859    .3051843
--------------------------------------------------------------------------------------

.         eststo monthly24: reg car_mkt24 ib`mid'.xt `controls', vce(cluster firmid);

Linear regression                               Number of obs     =        475
                                                F(20, 466)        =       3.57
                                                Prob > F          =     0.0000
                                                R-squared         =     0.1239
                                                Root MSE          =     1.1574

                                       (Std. err. adjusted for 467 clusters in firmid)
--------------------------------------------------------------------------------------
                     |               Robust
           car_mkt24 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
                  xt |
                  1  |  -.5358009   .2285287    -2.34   0.019    -.9848752   -.0867266
                  2  |  -.3410121   .1780083    -1.92   0.056    -.6908105    .0087863
                  3  |  -.3636201   .1860259    -1.95   0.051    -.7291737    .0019334
                  4  |  -.5203646   .1913245    -2.72   0.007    -.8963301    -.144399
                  7  |  -.3296532   .2665336    -1.24   0.217    -.8534097    .1941033
                  8  |  -.3179144   .1669335    -1.90   0.057      -.64595    .0101212
                  9  |   -.199022   .1739286    -1.14   0.253    -.5408035    .1427595
                 10  |  -.5453457   .2173524    -2.51   0.012    -.9724579   -.1182334
                     |
  at_rankingp2003_xt |
                  2  |   .1016483   .1937535     0.52   0.600    -.2790904    .4823871
                  3  |   .2433298   .2013394     1.21   0.227    -.1523158    .6389753
                  4  |   .0819829   .1893474     0.43   0.665    -.2900976    .4540635
                  5  |   .0977772   .2089901     0.47   0.640    -.3129024    .5084568
                     |
 lev_rankingp2003_xt |
                  2  |   .1568405   .1998742     0.78   0.433    -.2359259    .5496068
                  3  |   .0224298   .2441616     0.09   0.927    -.4573642    .5022238
                  4  |   .1366522   .2093245     0.65   0.514    -.2746846    .5479891
                  5  |   .3331739   .2070528     1.61   0.108    -.0736989    .7400467
                     |
cash_rankingp2003_xt |
                  2  |   .0029105    .159599     0.02   0.985    -.3107123    .3165333
                  3  |  -.0725978   .1551734    -0.47   0.640     -.377524    .2323284
                  4  |  -.4697924    .179948    -2.61   0.009    -.8234024   -.1161825
                  5  |  -.6795036   .2096362    -3.24   0.001    -1.091453   -.2675542
                     |
               _cons |   .2502544   .2037834     1.23   0.220    -.1501939    .6507027
--------------------------------------------------------------------------------------

.         eststo monthly48: reg car_mkt48 ib`mid'.xt `controls', vce(cluster firmid);

Linear regression                               Number of obs     =        475
                                                F(20, 466)        =       3.26
                                                Prob > F          =     0.0000
                                                R-squared         =     0.1181
                                                Root MSE          =     2.0744

                                       (Std. err. adjusted for 467 clusters in firmid)
--------------------------------------------------------------------------------------
                     |               Robust
           car_mkt48 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
                  xt |
                  1  |  -.8170627   .4158753    -1.96   0.050    -1.634286    .0001605
                  2  |  -.6004256   .3175342    -1.89   0.059    -1.224402    .0235505
                  3  |  -.5472853    .351458    -1.56   0.120    -1.237924    .1433535
                  4  |  -.8521438   .3494877    -2.44   0.015    -1.538911   -.1653768
                  7  |  -.5061412   .4593707    -1.10   0.271    -1.408836    .3965534
                  8  |  -.4630228   .3230644    -1.43   0.152    -1.097866    .1718206
                  9  |  -.3259291   .3197333    -1.02   0.309    -.9542268    .3023685
                 10  |  -.8649293   .3875901    -2.23   0.026     -1.62657   -.1032885
                     |
  at_rankingp2003_xt |
                  2  |   .0711883   .3392313     0.21   0.834    -.5954241    .7378007
                  3  |   .3214173   .3636995     0.88   0.377    -.3932768    1.036111
                  4  |   .1821631   .3294904     0.55   0.581    -.4653079    .8296341
                  5  |   .1294784   .3696276     0.35   0.726    -.5968648    .8558216
                     |
 lev_rankingp2003_xt |
                  2  |   .3392339   .3494064     0.97   0.332    -.3473734    1.025841
                  3  |   .0445177   .4036976     0.11   0.912    -.7487754    .8378108
                  4  |   .3536094   .3609858     0.98   0.328    -.3557521    1.062971
                  5  |    .653845   .3623229     1.80   0.072     -.058144    1.365834
                     |
cash_rankingp2003_xt |
                  2  |  -.0551247   .2914217    -0.19   0.850    -.6277881    .5175387
                  3  |   -.196205   .2828684    -0.69   0.488    -.7520605    .3596505
                  4  |  -.8888173   .3378767    -2.63   0.009    -1.552768   -.2248666
                  5  |  -1.233569   .3694433    -3.34   0.001     -1.95955   -.5075876
                     |
               _cons |   .3819264     .37491     1.02   0.309    -.3547971     1.11865
--------------------------------------------------------------------------------------

.         use `rawretfile', clear;

.         eststo raw_daily180: reg bhret_w180 ib`mid'.xt `controls', vce(cluster firmid);

Linear regression                               Number of obs     =        475
                                                F(20, 466)        =       1.02
                                                Prob > F          =     0.4323
                                                R-squared         =     0.0535
                                                Root MSE          =     .21566

                                       (Std. err. adjusted for 467 clusters in firmid)
--------------------------------------------------------------------------------------
                     |               Robust
          bhret_w180 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
                  xt |
                  1  |    .038889   .0423541     0.92   0.359    -.0443395    .1221176
                  2  |   .0213104   .0347575     0.61   0.540    -.0469904    .0896111
                  3  |   .0073791   .0283001     0.26   0.794    -.0482325    .0629906
                  4  |    .009228   .0333801     0.28   0.782    -.0563662    .0748222
                  7  |   .0737485   .0451644     1.63   0.103    -.0150027    .1624996
                  8  |  -.0052939    .031482    -0.17   0.867    -.0671583    .0565704
                  9  |    .084343   .0645107     1.31   0.192    -.0424249    .2111109
                 10  |   .0096558   .0333008     0.29   0.772    -.0557824    .0750941
                     |
  at_rankingp2003_xt |
                  2  |  -.0461034   .0340696    -1.35   0.177    -.1130525    .0208457
                  3  |  -.0305051   .0335042    -0.91   0.363    -.0963431     .035333
                  4  |  -.0069906   .0417971    -0.17   0.867    -.0891247    .0751435
                  5  |  -.0377233   .0442491    -0.85   0.394    -.1246757    .0492291
                     |
 lev_rankingp2003_xt |
                  2  |   .0445744   .0342237     1.30   0.193    -.0226775    .1118264
                  3  |   .0223416   .0352331     0.63   0.526    -.0468938     .091577
                  4  |   .0977974   .0431618     2.27   0.024     .0129816    .1826133
                  5  |   .0302737    .044925     0.67   0.501    -.0580068    .1185543
                     |
cash_rankingp2003_xt |
                  2  |   .0372362   .0346473     1.07   0.283    -.0308482    .1053206
                  3  |   .0255394   .0280977     0.91   0.364    -.0296744    .0807533
                  4  |   .0660875   .0323363     2.04   0.042     .0025445    .1296304
                  5  |   .0713389   .0328045     2.17   0.030     .0068757     .135802
                     |
               _cons |   .0057983   .0418656     0.14   0.890    -.0764705     .088067
--------------------------------------------------------------------------------------

.         eststo raw_daily360: reg bhret_w360 ib`mid'.xt `controls', vce(cluster firmid);

Linear regression                               Number of obs     =        475
                                                F(20, 466)        =       1.84
                                                Prob > F          =     0.0153
                                                R-squared         =     0.0733
                                                Root MSE          =     .29251

                                       (Std. err. adjusted for 467 clusters in firmid)
--------------------------------------------------------------------------------------
                     |               Robust
          bhret_w360 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
                  xt |
                  1  |   .0964559   .0594009     1.62   0.105    -.0202709    .2131827
                  2  |   .0395719   .0628707     0.63   0.529    -.0839733     .163117
                  3  |   .0023479   .0429476     0.05   0.956    -.0820472    .0867429
                  4  |  -.0177042    .046678    -0.38   0.705    -.1094297    .0740213
                  7  |   .0424252   .0564539     0.75   0.453    -.0685106     .153361
                  8  |  -.0003211   .0524159    -0.01   0.995    -.1033218    .1026796
                  9  |   .1112179   .0708717     1.57   0.117    -.0280498    .2504855
                 10  |   .0561861   .0522951     1.07   0.283    -.0465773    .1589494
                     |
  at_rankingp2003_xt |
                  2  |  -.0634643   .0527506    -1.20   0.230    -.1671228    .0401943
                  3  |  -.0689823   .0527938    -1.31   0.192    -.1727258    .0347611
                  4  |  -.0557523   .0568973    -0.98   0.328    -.1675593    .0560547
                  5  |  -.0312324   .0583941    -0.53   0.593    -.1459808    .0835161
                     |
 lev_rankingp2003_xt |
                  2  |   .0638404   .0568052     1.12   0.262    -.0477857    .1754664
                  3  |   .0188211   .0544032     0.35   0.730    -.0880849    .1257271
                  4  |   .0503017    .061518     0.82   0.414    -.0705854    .1711887
                  5  |  -.0190379   .0619703    -0.31   0.759    -.1408138    .1027379
                     |
cash_rankingp2003_xt |
                  2  |   .0375999   .0435395     0.86   0.388    -.0479581    .1231579
                  3  |   .0238319   .0386214     0.62   0.537    -.0520618    .0997257
                  4  |   .0923119    .049174     1.88   0.061    -.0043184    .1889421
                  5  |   .1390545   .0475033     2.93   0.004     .0457072    .2324017
                     |
               _cons |  -.0956798   .0614979    -1.56   0.120    -.2165274    .0251677
--------------------------------------------------------------------------------------

.         eststo raw_monthly24: reg bhret_w24 ib`mid'.xt `controls', vce(cluster firmid);

Linear regression                               Number of obs     =        475
                                                F(20, 466)        =       2.19
                                                Prob > F          =     0.0023
                                                R-squared         =     0.0946
                                                Root MSE          =     .39595

                                       (Std. err. adjusted for 467 clusters in firmid)
--------------------------------------------------------------------------------------
                     |               Robust
           bhret_w24 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
                  xt |
                  1  |   .0670896   .0636687     1.05   0.293    -.0580238     .192203
                  2  |   .0974109   .0720318     1.35   0.177    -.0441363    .2389582
                  3  |    .049226   .0701136     0.70   0.483     -.088552     .187004
                  4  |  -.0860061   .0604939    -1.42   0.156    -.2048807    .0328685
                  7  |  -.0389135   .0822597    -0.47   0.636    -.2005593    .1227323
                  8  |   .0438866   .0602547     0.73   0.467    -.0745179    .1622911
                  9  |   .0316318   .0795348     0.40   0.691    -.1246595     .187923
                 10  |   .1592101   .0698765     2.28   0.023      .021898    .2965222
                     |
  at_rankingp2003_xt |
                  2  |   .0524362   .0645917     0.81   0.417    -.0744908    .1793632
                  3  |  -.1294253   .0647515    -2.00   0.046    -.2566664   -.0021842
                  4  |  -.2118659   .0683584    -3.10   0.002    -.3461948   -.0775369
                  5  |  -.1941031   .0736007    -2.64   0.009    -.3387334   -.0494728
                     |
 lev_rankingp2003_xt |
                  2  |   .1228569    .065141     1.89   0.060    -.0051495    .2508633
                  3  |   .1520908   .0659379     2.31   0.022     .0225185    .2816632
                  4  |   .1792248   .0739763     2.42   0.016     .0338564    .3245931
                  5  |   .2113361   .0771396     2.74   0.006     .0597515    .3629207
                     |
cash_rankingp2003_xt |
                  2  |  -.0096774   .0543133    -0.18   0.859    -.1164068     .097052
                  3  |   .0072987   .0575801     0.13   0.899      -.10585    .1204475
                  4  |  -.0467533   .0582427    -0.80   0.423    -.1612041    .0676975
                  5  |  -.1449838   .0712219    -2.04   0.042    -.2849398   -.0050279
                     |
               _cons |  -.0887552   .0818254    -1.08   0.279    -.2495476    .0720371
--------------------------------------------------------------------------------------

.         eststo raw_monthly48: reg bhret_w48 ib`mid'.xt `controls', vce(cluster firmid);

Linear regression                               Number of obs     =        475
                                                F(20, 466)        =       3.43
                                                Prob > F          =     0.0000
                                                R-squared         =     0.1750
                                                Root MSE          =      .6171

                                       (Std. err. adjusted for 467 clusters in firmid)
--------------------------------------------------------------------------------------
                     |               Robust
           bhret_w48 | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
---------------------+----------------------------------------------------------------
                  xt |
                  1  |   .0211842   .1024333     0.21   0.836    -.1801042    .2224726
                  2  |   .0572722   .1003189     0.57   0.568    -.1398612    .2544055
                  3  |  -.0443694   .0966752    -0.46   0.646    -.2343427    .1456039
                  4  |  -.0204198   .0860595    -0.24   0.813    -.1895324    .1486929
                  7  |   .0341554   .1358083     0.25   0.802    -.2327171    .3010279
                  8  |   .0367428   .1001605     0.37   0.714    -.1600795     .233565
                  9  |   .1322209   .1098232     1.20   0.229     -.083589    .3480309
                 10  |   .1247329   .1260599     0.99   0.323    -.1229834    .3724492
                     |
  at_rankingp2003_xt |
                  2  |  -.1082954   .1158207    -0.94   0.350     -.335891    .1193001
                  3  |  -.2518062   .1066643    -2.36   0.019    -.4614089   -.0422036
                  4  |  -.3634638   .1086653    -3.34   0.001    -.5769986    -.149929
                  5  |  -.3709618   .1147925    -3.23   0.001    -.5965368   -.1453868
                     |
 lev_rankingp2003_xt |
                  2  |  -.1538638   .1278573    -1.20   0.229    -.4051121    .0973845
                  3  |  -.1862383   .1208828    -1.54   0.124    -.4237811    .0513046
                  4  |  -.1350755   .1235364    -1.09   0.275     -.377833    .1076819
                  5  |  -.1660469   .1246863    -1.33   0.184     -.411064    .0789701
                     |
cash_rankingp2003_xt |
                  2  |   .0142034   .0710577     0.20   0.842    -.1254297    .1538366
                  3  |  -.0277901   .0799478    -0.35   0.728     -.184893    .1293127
                  4  |  -.0115832   .0915486    -0.13   0.899    -.1914824     .168316
                  5  |   .3037896   .1158972     2.62   0.009     .0760437    .5315355
                     |
               _cons |   .5448846   .1282246     4.25   0.000     .2929145    .7968547
--------------------------------------------------------------------------------------

.         esttab * using output/table7b.csv , replace r2 scalars(N_clust) nobase noomit sfmt(a3) `esttabopt';
(file output/table7b.csv not found)
(output written to output/table7b.csv)

.                         * figure 1;
.         local tlabels "1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010";

.         use `file_fig1', clear;

.         graph twoway (connected kld_diff_nogov7 year,  xline(2003, lpattern(dash) lcolor(black)))
>                 (connected kld_diff_nogov45483 year,  )
>                 (connected kld_diff_nogov_sp500 year, )
>                 , graphregion(color(white))
>                 xlabel(`tlabels')
>                 ylabel(,nogrid)
>                 scheme(s2mono)
>                 legend(order(1 "AAPL" 2 "GOOG" 3 "S&P 500" ) rows(1) region(lwidth(none) lpattern(blank) lstyle(none) style(none)) symxsize(6) rowgap(*.6))
>                 xtitle("")
>                 ytitle("ESG", color(black))
>                 name(figure1);

.         * figure 2;
.         local minyr 1996;

.         local maxyr 2005;

.         use `file', clear;

.         collapse (mean) kld_diff_nogov if year >= 1999 & year <= 2006, by(year eg_slope_dd0_rankingp2003_xt);

.         label var kld_diff_nogov "Total strengths minus concerns";

.         format year %ty;

.         xtset eg_slope_dd0_rankingp2003_xt year;

Panel variable: eg_slope_dd0_rankingp2003_xt (weakly balanced)
 Time variable: year, 1999 to 2006
         Delta: 1 year

.                 graph twoway
>                 (tsline kld_diff_nogov if eg_slope_dd0_rankingp2003_xt == 1, tline(2003, lpattern(dash) lcolor(black)) lwidth(medthick))
>                 (tsline kld_diff_nogov if eg_slope_dd0_rankingp2003_xt == 5, lwidth(medthick))
>                 (tsline kld_diff_nogov if eg_slope_dd0_rankingp2003_xt == 3, lwidth(medthick))
>                 , graphregion(color(white)) 
>                 scheme(s2mono)
>                 ylabel(,nogrid)
>                 tlabel(1999(1)2006)
>                 legend(order(1 "Low (1)"  3 "Mid (3)" 2 "High (5)") rows(1) region(lwidth(none) lpattern(blank) lstyle(none) style(none)) symxsize(6) rowgap(*.6))
>                 xtitle("")
>                 name(figure2);

. * figure 4;
. * non-parametric analysis;
.         use `file', clear;

.         local year = 2003;

.         local baseyear = `year'-1;

.         * get corresponding mainperiodle for main regression;
.         xtreg kld_diff_nogov ib2002.year##(ib3.eg_slope_dd0_rankingp2003_xt ib3.at_rankingp2003_xt) if year >= 1999 & year <= 2006, vce(cluster firmid) fe;
note: 1.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 2.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 4.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 5.eg_slope_dd0_rankingp2003_xt omitted because of collinearity.
note: 1.at_rankingp2003_xt omitted because of collinearity.
note: 2.at_rankingp2003_xt omitted because of collinearity.
note: 4.at_rankingp2003_xt omitted because of collinearity.
note: 5.at_rankingp2003_xt omitted because of collinearity.

Fixed-effects (within) regression               Number of obs     =      3,663
Group variable: firmid                          Number of groups  =        502

R-squared:                                      Obs per group:
     Within  = 0.0666                                         min =          2
     Between = 0.0002                                         avg =        7.3
     Overall = 0.0127                                         max =          8

                                                F(63,501)         =       2.10
corr(u_i, Xb) = -0.0225                         Prob > F          =     0.0000

                                                    (Std. err. adjusted for 502 clusters in firmid)
---------------------------------------------------------------------------------------------------
                                  |               Robust
                   kld_diff_nogov | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
----------------------------------+----------------------------------------------------------------
                             year |
                            1999  |   .1315585   .1902871     0.69   0.490    -.2423006    .5054176
                            2000  |   .2615525   .1553109     1.68   0.093    -.0435884    .5666935
                            2001  |  -.0501206   .1237936    -0.40   0.686    -.2933391     .193098
                            2003  |  -.3405017   .1719351    -1.98   0.048    -.6783044   -.0026991
                            2004  |    -.75546   .2147068    -3.52   0.000    -1.177297   -.3336233
                            2005  |   -.930604   .2528848    -3.68   0.000    -1.427449   -.4337587
                            2006  |  -1.118905   .2762718    -4.05   0.000    -1.661699   -.5761111
                                  |
     eg_slope_dd0_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
               at_rankingp2003_xt |
                               1  |          0  (omitted)
                               2  |          0  (omitted)
                               4  |          0  (omitted)
                               5  |          0  (omitted)
                                  |
year#eg_slope_dd0_rankingp2003_xt |
                          1999 1  |   .0233019   .2573282     0.09   0.928    -.4822735    .5288773
                          1999 2  |   .1370383    .235631     0.58   0.561    -.3259083     .599985
                          1999 4  |   .1052269   .2382863     0.44   0.659    -.3629366    .5733904
                          1999 5  |   .4320791   .2173147     1.99   0.047     .0051187    .8590396
                          2000 1  |  -.1105868   .2071215    -0.53   0.594    -.5175206     .296347
                          2000 2  |  -.0172999   .1708287    -0.10   0.919    -.3529289    .3183291
                          2000 4  |  -.0418339    .182822    -0.23   0.819    -.4010261    .3173584
                          2000 5  |   .1751448   .1649665     1.06   0.289    -.1489666    .4992563
                          2001 1  |   .0003771   .1627835     0.00   0.998    -.3194454    .3201996
                          2001 2  |  -.0712209   .1330814    -0.54   0.593    -.3326872    .1902454
                          2001 4  |    .059026   .1325348     0.45   0.656    -.2013664    .3194184
                          2001 5  |   .1191741   .1171905     1.02   0.310    -.1110712    .3494194
                          2003 1  |   .1816821   .1808222     1.00   0.315    -.1735811    .5369453
                          2003 2  |   .2454444   .1642256     1.49   0.136    -.0772113    .5681001
                          2003 4  |   .1842993   .1529606     1.20   0.229    -.1162239    .4848226
                          2003 5  |   .2262902    .157374     1.44   0.151    -.0829041    .5354845
                          2004 1  |   .4338068    .231852     1.87   0.062    -.0217152    .8893289
                          2004 2  |   .3731609   .2155045     1.73   0.084     -.050243    .7965648
                          2004 4  |   .5544332   .2044959     2.71   0.007     .1526579    .9562085
                          2004 5  |   .5634268   .2062419     2.73   0.007     .1582212    .9686325
                          2005 1  |   .6320069   .2801548     2.26   0.025     .0815839     1.18243
                          2005 2  |   .4115222   .2720033     1.51   0.131    -.1228856      .94593
                          2005 4  |   .7910508   .2534751     3.12   0.002     .2930457    1.289056
                          2005 5  |   .7340067   .2450812     2.99   0.003     .2524932     1.21552
                          2006 1  |   .5305253    .315926     1.68   0.094    -.0901777    1.151228
                          2006 2  |   .5666019   .3094835     1.83   0.068    -.0414434    1.174647
                          2006 4  |   .8718038   .2855657     3.05   0.002     .3107499    1.432858
                          2006 5  |   .7721726   .2763063     2.79   0.005     .2293108    1.315034
                                  |
          year#at_rankingp2003_xt |
                          1999 1  |   -.336896   .1754315    -1.92   0.055    -.6815681    .0077762
                          1999 2  |   .0478448    .200227     0.24   0.811    -.3455432    .4412329
                          1999 4  |   .0892207   .2273136     0.39   0.695    -.3573847    .5358261
                          1999 5  |   .4537976   .2402149     1.89   0.059     -.018155    .9257502
                          2000 1  |  -.2018787   .1626955    -1.24   0.215    -.5215282    .1177707
                          2000 2  |  -.0675878   .1669828    -0.40   0.686    -.3956607     .260485
                          2000 4  |   .2218854   .1966619     1.13   0.260    -.1644982    .6082691
                          2000 5  |   .1911155   .2334931     0.82   0.413    -.2676309    .6498619
                          2001 1  |  -.0001495   .1227339    -0.00   0.999    -.2412861     .240987
                          2001 2  |   .0448712   .1191673     0.38   0.707     -.189258    .2790004
                          2001 4  |   .1390078   .1514323     0.92   0.359    -.1585127    .4365284
                          2001 5  |   -.032188   .1617079    -0.20   0.842    -.3498971     .285521
                          2003 1  |   .0632091   .1513705     0.42   0.676    -.2341901    .3606084
                          2003 2  |   .2051636   .1577014     1.30   0.194    -.1046739    .5150011
                          2003 4  |   .1120591   .1720849     0.65   0.515     -.226038    .4501561
                          2003 5  |   .0588552   .1707807     0.34   0.731    -.2766795    .3943898
                          2004 1  |   .2305986   .1802203     1.28   0.201    -.1234821    .5846792
                          2004 2  |    .344202   .2007795     1.71   0.087    -.0502717    .7386756
                          2004 4  |   .3902047   .2286951     1.71   0.089    -.0591149    .8395242
                          2004 5  |   .5212469   .2255998     2.31   0.021     .0780086    .9644852
                          2005 1  |   .2607279   .2425345     1.08   0.283    -.2157822    .7372379
                          2005 2  |   .5111879   .2576012     1.98   0.048     .0050761      1.0173
                          2005 4  |  -.0058045   .2674015    -0.02   0.983    -.5311711     .519562
                          2005 5  |   .1623398   .2671004     0.61   0.544    -.3624351    .6871148
                          2006 1  |   .3412565   .2783892     1.23   0.221    -.2056977    .8882106
                          2006 2  |   .5108114   .3014086     1.69   0.091    -.0813692    1.102992
                          2006 4  |   .0838037    .307541     0.27   0.785    -.5204254    .6880327
                          2006 5  |   .0466388   .3021668     0.15   0.877    -.5470313     .640309
                                  |
                            _cons |   .5177983   .0397026    13.04   0.000     .4397943    .5958024
----------------------------------+----------------------------------------------------------------
                          sigma_u |  2.1053416
                          sigma_e |  1.1394572
                              rho |  .77344231   (fraction of variance due to u_i)
---------------------------------------------------------------------------------------------------

.         keep if e(mainperiodle);
(0 observations deleted)

.         gen t = year-2002;

.         gen tleft = t + 3;

.                 * compute difference;
.         * difference in year t over base year is captured via u;
.         gen u = .;
(115,677 missing values generated)

.         xtset firmid t;

Panel variable: firmid (unbalanced)
 Time variable: t, -76 to 12, but with gaps
         Delta: 1 unit

.         local i 1;

.         while `i' <= 4 {;
  2.                 * s(i) good for t=(i);
.                 * r(i) good for t=(-i);
.                 gen s`i' = s`i'.kld_diff_nogov;
  3.                 gen r`i' = f`i'.kld_diff_nogov - kld_diff_nogov;
  4.                 replace u = s`i' if t == `i';
  5.                 replace u = r`i' if t == -`i';
  6.                 local i = `i' + 1;
  7.         };
(83,869 missing values generated)
(83,869 missing values generated)
(1,073 real changes made)
(954 real changes made)
(88,271 missing values generated)
(88,271 missing values generated)
(1,040 real changes made)
(564 real changes made)
(92,176 missing values generated)
(92,176 missing values generated)
(1,000 real changes made)
(523 real changes made)
(95,563 missing values generated)
(95,563 missing values generated)
(949 real changes made)
(480 real changes made)

.         * compute percentile ranks of ownership;
.         preserve;

.         collapse (mean) eg_slope_dd0_rankingp2003, by(firmid);

.         egen n = count(eg_slope_dd0_rankingp2003);

.         egen i = rank(eg_slope_dd0_rankingp2003), track;
(4,859 missing values generated)

.         gen eg_slope_dd0_rankingp2003_p = (i-1)/(n-1);
(4,859 missing values generated)

.         drop n i;

.         save temp_figure4_np_ranks_p, replace;
(file temp_figure4_np_ranks_p.dta not found)
file temp_figure4_np_ranks_p.dta saved

.         restore;

.         merge m:1 firmid using temp_figure4_np_ranks_p, keep(master matches) assert(matches) nogen;

    Result                      Number of obs
    -----------------------------------------
    Not matched                             0
    Matched                           115,677  
    -----------------------------------------

.         local i -3;

.         while `i' <= 4 {;
  2.                 local t = `baseyear'+`i';
  3.                 local tleft = `i'+3;
  4.                 if `tleft' != 3 {;
  5.                 lpoly u eg_slope_dd0_rankingp2003_p if t == `i', deg(1) name(rot);
  6.                 local rot = r(bwidth);
  7.                 local bw1 = .75*`rot';
  8.                 local bw2 = 1.25*`rot';
  9.                 graph drop rot;
 10.                 graph twoway
>                         (lpoly u eg_slope_dd0_rankingp2003_p, bwidth(`bw1') deg(1) lwidth(thick) lcolor(gs9) kernel(epanechnikov))
>                         (lpoly u eg_slope_dd0_rankingp2003_p, bwidth(`bw2') deg(1) lwidth(thick) lcolor(gs6) kernel(epanechnikov))
>                         (lpoly u eg_slope_dd0_rankingp2003_p, deg(1) lwidth(thick) lcolor(black) kernel(epanechnikov))
>                         if t == `i'
>                         ,
>                         ytitle("KLD(`t') - KLD(`baseyear')")
>                         xtitle("Ownership (%) Percentile")
>                         title("`t'")
>                         graphregion(color(white))
>                         title("`t'", color(black))
>                         note("")
>                         legend(off)
>                         yscale(range(-1 1))
>                         ylabel(-1 -.5 0 .5 1,nogrid)
>                         name(ll_pctileepanechnikov`tleft');
 11.                 };
 12.                 local i = `i' + 1;
 13.         };

.         graph combine ll_pctileepanechnikov0 ll_pctileepanechnikov1 ll_pctileepanechnikov2
>                 ,
>                 name(ll_pctileepanechnikov_pre)
>                 graphregion(color(white))
>                 title("Pre tax cut", size(small) color(black))
>                 iscale(*0.7)
>                 xcommon
>                 ycommon;

.         graph combine ll_pctileepanechnikov4 ll_pctileepanechnikov5 ll_pctileepanechnikov6 ll_pctileepanechnikov7
>                 ,
>                 name(ll_pctileepanechnikov_post)
>                 graphregion(color(white))
>                 title("Post tax cut", size(small) color(black))
>                 iscale(*0.7)
>                 xcommon
>                 ycommon;

.         graph combine ll_pctileepanechnikov_pre ll_pctileepanechnikov_post
>                 ,
>                 name(figure4)
>                 graphregion(color(white))
>                 xsize(8) ysize(5.5)
>                 xcommon
>                 ycommon
>                 ;

.         graph drop ll_*;

. * figure 5, time path of CARs;
.         use `cartsfile', clear;

.                 xtline car
>                 ,
>                 plot1opt(lwidth(medthick)) plot2opt(lwidth(medthick)) plot3opt(lwidth(medthick)) plot4opt(lwidth(medthick)) plot5opt(lwidth(medthick))
>                 scheme(s2mono)
>                 overlay
>                 ylabel(#8,nogrid ticks glcolor(gs14) labsize(small))
>                 xlabel(, labsize(small))
>                 xline(0)
>                 graphregion(color(white)) 
>                 legend(label(1 "1-Low") label(2 "2") label(3 "3-Mid") label(4 "4") label(5 "5-High") rows(1) size(small) region(lwidth(none) lpattern(blank) lstyle(none) style(none)) symxsize(6) row
> gap(*.6))
>                 ytitle("CAR", size(small)) 
>                 xtitle("Event time (calendar days)", size(small)) 
>                 name(figure5);

.         log close;
      name:  <unnamed>
       log:  <>
  log type:  text
 closed on:  <>
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
